Document:

<PAGE>

                                                                   EXHIBIT 10.22

                              SEVERANCE AGREEMENT

          This Severance Agreement (the "Agreement") is entered into by and
between Pride Petroleum Services, Inc., a Louisiana corporation (the "Company"),
and John O'Leary ("Executive") on this the 11th day of March, 1997.

33.  Section 6.7 of the Purchase Agreement (the "Purchase Agreement") dated
     December 16, 1996 between the Company, Forasol-Foramer N.V. ("FFNV"), and
     the Controlling Shareholders of FFNV, provides that the Company will
     provide certain severance benefits to Executive upon the occurrence of
     certain events.  In consideration for the promises and agreements contained
     in that Purchase Agreement and the promises and agreements contained
     herein, the Company and Executive agree that Executive is entitled to
     severance benefits in accordance with the provisions of this Agreement.

34.  Executive has been employed by or been under contract with Forasol S.A.,
     Forinter Ltd., or an affiliate or subsidiary thereof (collectively,
     "Forasol"), since 5-81 as Manager Marketing and Business Development.
     Executive agrees that he will render services exclusively to Forasol (or
     any successor) during the period of his employment to the best of his
     ability and that he will devote full time to his duties.

35.  Subject to the provisions of this Agreement, if Executive's employment by
     Forasol or any successor, including without limitation an affiliate of the
     Company (a "Successor") is terminated by the Company within five years of
     this Agreement, the Company will as consideration for his cooperation in
     contemplation of the transactions described in the Purchase Agreement and
     other good and valuable consideration, pay to Executive the following
     amounts in one lump sum on or before the tenth day after the last day of
     Executive's employment with Forasol or any Successor (subject to any
     applicable payroll or other taxes required to be withheld).

     a.  one and one half (1.5) months of gross salary for each year of service
         with or to Forasol or any Successor if Executive is terminated by the
         Company or a Successor within two years after the closing of the
         Purchase Agreement; provided, however, that all payments made to
         Executive on account of statutory severance benefits shall reduce,
         dollar for dollar, the Company's (or a Successor's) obligation pursuant
         to this Section 3.(a); and

     b.  one month of gross salary for each year of service with or to Forasol
         or any Successor if Executive is terminated by the Company or a
         Successor within the third, fourth or fifth years following the closing
         of the Purchase Agreement, up to a maximum of twelve months of gross
         salary; and

     In addition, the Company shall immediately cause Executive and each of his
     dependents (including his spouse) who were covered under the Forasol's (or
     any Successor's) retirement and benefit plans on the day prior to
     Executive's termination to continue to be covered under such
<PAGE>

Severance Agreement
Page 2

     plans for eighteen months; on the same basis to Executive as was in effect
     at the time of termination; provided, however, that (i) coverage under the
     benefit plans shall terminate if and to the extent Executive becomes
     eligible to receive comparable benefit coverage from a subsequent employer
     (and any such eligibility shall be promptly reported to the Company by
     Executive) and (ii) if Executive (and/or his spouse and dependents) would
     have been entitled to retiree benefit coverage under Forasol's plans had he
     voluntarily retired on the date of such termination, then such coverage
     shall be continued as provided under such plans.

36.  As used herein, "gross salary" shall mean compensation paid to Executive
     for his services to Forasol or any Successor including his base salary
     paid, deferred compensation (including statutory prime speciale
     deperformance (the "Premium"), which such Premium shall not exceed 20% of
     such base salary) and any non-cash benefits, for which Executive is
     eligible.  Gross salary shall not include any bonuses, profit sharing
     proceeds or other prerequisites to which the Executive might otherwise be
     entitled.  One month of gross salary shall be calculated as one-twelfth
     (1/12) of Executive's annual gross salary (excluding any bonus payment)
     effective immediately prior to the event giving rise to the severance
     payment provided herein.

37.  In addition to the Executive's right to receive the severance benefits as
     provided in Section 3 hereof, Executive shall be entitled to the severance
     benefits hereunder in the event that (a) there is a material reduction in
     Executive's gross salary from that provided to him immediately prior to the
     effective date of this Agreement; (b) the Executive is not retained in his
     present or equivalent position; or (c) the Company does not provide the
     compensation and benefits as provided in Section 7 hereof.

38.  Executive shall not be entitled to any severance benefits hereunder if
     Executive's employment is terminated for any of the following reasons:

     a.  Executive has been convicted of a felony or a misdemeanor involving
         moral turpitude; or

     b.  Executive has willfully engaged in conduct that is materially injurious
         to the Company or any of its affiliates or has competed in any way,
         directly or indirectly, with the Company or any of its affiliates; or

     c.  Executive has committed acts or conduct which would make it
         unreasonable for the Company to retain Executive in its employment,
         such as, but not limited to, dishonesty, activities harmful to the
         reputation of the Company, refusal to perform or neglect of the
         substantive duties assigned to him, or the breach of any of the
         provisions of this Agreement or any material policy of the Company or
         any of its affiliates; or
<PAGE>

Severance Agreement
Page 3

     d.  Executive resigns from his employment or otherwise willfully terminates
         his employment; or

     e.  Executive dies or becomes unable to discharge his duties due to
         disability; or

     f.  Executive attains sixty-five (65) years of age.

39.  Notwithstanding any provision in this Agreement, the Company shall provide
     to Executive compensation and benefits that are at least as favorable as
     those currently being provided to Executive by Forasol and the Company
     shall provide to Executive compensation and benefits comparable to those
     provided to management employees of Company and its other Subsidiaries
     holding comparable positions at comparable employment locations (giving due
     regard to differences in cost of living, competitive conditions and other
     similar factors), if and to the extent such compensation and benefits of
     Company and its other Subsidiaries are more favorable than those provided
     by Forasol.  Nothing in this Agreement shall diminish any rights,
     compensation or benefits that Executive is entitled to under the Purchase
     Agreement.

40.  Except as provided in Section 3.(a) hereof, the Company's obligation to pay
     Executive the amounts provided herein shall not be reduced by any statutory
     severance payment owed to Executive.  Executive shall not be obligated to
     seek other employment in mitigation of the amounts payable or arrangements
     made under any provision of this Agreement, and, except with respect to
     benefit plans, the obtaining of any such other employment shall in no event
     effect any reduction of the Company's obligations to make (or cause to be
     made) the payments and arrangements required to be made under this
     Agreement.

41.  This Agreement shall be binding upon and inure to the benefit of the
     Company and any successor of the Company, by merger or otherwise.  This
     Agreement shall also be binding upon and inure to the benefit of Executive
     and his estate.  If Executive shall die prior to full payment of amounts
     due pursuant to this Agreement, such amounts shall be payable pursuant to
     the terms of this Agreement to his estate.

42.  Any provision in this Agreement which is prohibited or unenforceable in any
     jurisdiction by reason of applicable law shall, as to such jurisdiction, be
     ineffective only to the extent of such prohibition or unenforceability
     without invalidating or affecting the remaining provisions hereof, and any
     such prohibition or unenforceability in any jurisdiction shall not
     invalidate or render unenforceable such provision in any other
     jurisdiction.

43.  Executive shall not have any right to pledge, hypothecate, anticipate or
     assign this Agreement or the rights hereunder, except by will or the laws
     of descent and distribution.
<PAGE>

Severance Agreement
Page 4

44.  Any notices or other communications provided for in this Agreement shall be
     in writing.  In the case of Executive, such notices or communications shall
     be effectively delivered if hand delivered to Executive at his principal
     place of employment or if sent by registered or certified mail to Executive
     at the last address he has filed with the Company.  In the case of the
     Company, such notices or communications shall be effectively delivered if
     sent by registered or certified mail to the Company at its principal
     executive offices.

45.  Any dispute arising out of or in connection with this Agreement or the
     application, implementation, validity, breach or termination of this
     Agreement shall be finally and exclusively settled by arbitration in
     Houston, Texas, under the American Arbitration Association Rules for
     Arbitration.  There shall be three arbitrators appointed pursuant to such
     Rules.  The arbitration shall be conducted in the English Language.

46.  This Agreement shall be governed by, and construed in accordance with, the
     laws of the State of Texas.

47.  If Executive is entitled to and receives the benefits provided hereunder,
     performance of the obligations of the Company hereunder will constitute
     full settlement of all claims that Executive might otherwise assert against
     the Company on account of his termination of employment (inclusive of any
     claim for statutory severance payments owed to Executive pursuant to
     paragraph 3.(a) hereof.

48.  This Agreement shall not be deemed to constitute a contact of employment,
     nor shall any provision hereof affect the terms and conditions of any other
     agreement between the company and Executive except as provided herein.

                                    EXECUTIVE

                                    /s/ John O'Leary
                                    -----------------------------

                                    Name: John O'Leary

                                    COMPANY

                                    Pride Petroleum Services, Inc.

                                    By:       /s/ Ray Tolson
                                        --------------------
                                    Name:
                                         ------------------------------
                                    Title:
                                         ------------------------------<PAGE>

                                                                   EXHIBIT 10.23

                           PRIDE INTERNATIONAL, INC.

                          EMPLOYMENT/NON-COMPETITION/
                           CONFIDENTIALITY AGREEMENT

                                 GARY CASSWELL

                            EFFECTIVE AUGUST 15,1998
<PAGE>

                                     INDEX

<TABLE>
<CAPTION>
                                                                        PAGE NO.
<C>    <S>                                                              <C>
I.     PRIOR AGREEMENTS/EMPLOYMENT CONTRACTS......................           2

1.01   Effect of Prior Agreements.................................           2

II.    DEFINITION OF TERMS........................................           2

2.01   Company....................................................           3
2.02   Executive/Officer/Employee.................................           3
2.03   Office/Position/Title......................................           3
2.04   Effective Date.............................................           3
2.05   Change in Control..........................................           3
2.06   Termination................................................           4
2.07   Customer...................................................           5

III.   EMPLOYMENT.................................................           5

3.01   Employment.................................................           5
3.02   Best Efforts and Other Employment of Executive.............           5
3.03   Term of Employment.........................................           6
3.04   Compensation and Benefits..................................           6
3.05   Termination Without Change in Control......................           7

IV.    CHANGE IN CONTROL..........................................           9

4.01   Extension of Employment Period.............................           9
4.02   Change in Control Termination Payments and Benefits........           9
4.03   Voluntary Resignation Upon Change in Control...............           9

V.     NON-COMPETITION AND CONFIDENTIALITY........................           9

5.01   Consideration..............................................           9
5.02   Non-Competition............................................          10
5.03   Confidentiality............................................          11
5.04   Geographical Area..........................................          11
5.05   Company Remedies For Violation of Non-Competition or
         Confidentiality Agreement................................          12
5.06   Termination of Benefits For Violation of Non-Competition
         and Confidentiality Agreement............................          12

VI.    GENERAL....................................................          13
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<C>    <S>                                                              <C>
6.01   ENFORCEMENT COSTS..........................................          13
6.02   INCOME, EXCISE OR OTHER TAX LIABILITY......................          14
6.03   PAYMENT OF BENEFITS UPON TERMINATION FOR CAUSE.............          14
6.04   NON-EXCLUSIVE AGREEMENT....................................          14
6.05   NOTICES....................................................          14
6.06   NON-ALIENATION.............................................          15
6.07   ENTIRE AGREEMENT: AMENDMENT................................          15
6.08   SUCCESSORS AND ASSIGNS.....................................          15
6.09   GOVERNING LAW..............................................          15
6.10   VENUE                                                                15
6.11   HEADINGS...................................................          15
6.12   SEVERABILITY...............................................          16
6.13   PARTIAL INVALIDITY.........................................          16
6.14   COUNTERPARTS...............................................          16
</TABLE>
<PAGE>

                   EMPLOYMENT/NON-COMPETITION/CONFIDENTIALITY

                                   AGREEMENT

DATE:                       August 15, 1998

COMPANY/EMPLOYER:           Pride International, Inc.
                                A Louisiana Corporation
                            San Felipe Plaza, Suite 3300
                            5847 San Felipe
                            Houston, Texas 77057

EXECUTIVE/EMPLOYEE          Gary Casswell
                            26 Gallant Oak Place
                            The Woodlands, Texas 77381

     This Agreement is made as of the date first above written and to become
effective as herein provided.

                                    PREAMBLE

     WHEREAS, the Company wishes to attract and retain well-qualified Executives
and key personnel and to assure itself of the continuity of its management;

     WHEREAS, Executive will be elected an officer of the Company with
significant management responsibilities in the conduct of its business;

     WHEREAS, the Company recognizes that Executive is a valuable resource of
the Company and the Company desires to be assured of the continued services of
Executive;

     WHEREAS, the Company desires to obtain assurances that Executive will
devote his best efforts to his employment with the Company and will not enter
into competition with the Company in its business as now conducted and to be
conducted, or solicit customers or other employees of the Company to terminate
their relationships with the Company;

     WHEREAS, Executive is a key employee of the Company and he acknowledges
that his talents and services to the Company are of a special, unique, unusual
and extraordinary character and are of particular and peculiar benefit and
importance to the Company;

     WHEREAS, the Company is concerned that in the event of a possible or
threatened change in control of the Company, uncertainties necessarily arise;
Executive may have concerns about the continuation of his employment status and
responsibilities and may be approached by others offering competing employment
opportunities; the Company, therefore, desires to provide Executive assurances
as to the continuation of his employment status and responsibilities in such
event;
<PAGE>

     WHEREAS, the Company further desires to assure Executive that, if a
possible or threatened change in control should arise and Executive should be
involved in deliberations or negotiations in connection therewith, Executive
would be in a secure position to consider and participate in such transaction as
objectively as possible in the best interests of the Company and to this end
desires to protect Executive from any direct or implied threat to his financial
well-being;

     WHEREAS, Executive is willing to continue to serve as such but desires
assurances that in the event of such a change in control he will continue to
have the employment status and responsibilities he could reasonably expect
absent such event and, that in the event this turns out not to be the case, he
will have fair and reasonable severance protection on the basis of his service
to the Company to that time;

     WHEREAS, different factors affect the Company and Executive under
circumstances of regular employment between the Company and the Executive when
there is no threat of change in control and/or none has occurred, as opposed to
circumstances under which a change in control is rumored, threatened, occurring
or has occurred.  For this reason this Employment Agreement is primarily in two
parts.  One part deals with the regular employment of Executive under
circumstances whereby no change in control is threatened, occurring or occurred;
herein called "Regular Employment".  The second part deals with circumstances
whereby a change in control is threatened, occurring or has occurred.  Other
parts of the Agreement deal with matters affecting both Regular Employment and
employment following change in control, including non-competition and
confidentiality; and

     WHEREAS, Executive is willing to enter into and carry out the Non-
Competition and Confidentiality Agreement set forth herein in consideration of
the Employment Agreement set forth herein.

                                   AGREEMENT

      NOW, THEREFORE, the parties agree as follows:

I.    PRIOR AGREEMENTS/EMPLOYMENT CONTRACTS.

1.01  PRIOR AGREEMENTS. Executive has no continuing non-competition agreements
      with any prior employers that have not been disclosed to Company.
      Executive has completed a Company employment application and all
      information provided therein is true and correct to the best of his
      knowledge and belief and is incorporated herein by reference.

                                       2
<PAGE>

II.   DEFINITION OF TERMS.

2.01  COMPANY. Company means Pride International, Inc., a Louisiana corporation,
      as the same presently exists, as well as any and all successors,
      regardless of the nature of the entity or the State or Nation of
      organization, whether by reorganization, merger, consolidation, absorption
      or dissolution. For the purpose of the Non-Competition and Confidentiality
      Agreement, Company includes any subsidiary or affiliate of the Company to
      the extent it is carrying on any portion of the business of the Company or
      a business similar to that being conducted by the Company.

2.02  EXECUTIVE/OFFICER/EMPLOYEE. Executive/Officer/Employee means Gary
      Casswell.

2.03  OFFICE/POSITION/TITLE. The Office, Position and Title for which the
      Executive is employed is that of Vice President-Pride-Forasol/Pride-
      Foramer of the Company and carries with it such duties, responsibilities,
      rights, benefits and privileges or as may reasonably be assigned to the
      Executive that are customary and usual for such position at the Company.

2.04  EFFECTIVE DATE. This Agreement becomes effective and binding as of
      August 15,1998.

2.05  CHANGE IN CONTROL. The term "Change in Control" of the Company shall mean,
      and shall be deemed to have occurred on the date of the first to occur of
      any of the following:

      a.  there occurs a Change in Control of the Company of the nature that
          would be required to be reported in response to item 6(e) of Schedule
          14A of Regulation 14A or Item 1 of Form 8(k) promulgated under the
          Securities Exchange Act of 1934 as in effect on the date of this
          Agreement, or if neither item remains in effect, any regulations
          issued by the Securities and Exchange Commission pursuant to the
          Securities Exchange Act of 1934 which serve similar purposes;

      b.  any "person" {as such term is used in Sections 12(d) and 14(d)(2) of
          the Securities Exchange Act of 1934} is or becomes a beneficial owner,
          directly or indirectly, of securities of the Company representing
          twenty percent (20%) or more of the combined voting power of the
          Company's then outstanding securities;

      c.  the individuals who were members of the Board of Directors of the
          Company immediately prior to a meeting of the shareholders of the
          Company involving a contest for the election of Directors shall not

                                       3
<PAGE>

          constitute a majority of the Board of Directors following such
          election;

      d.  the Company shall have merged into or consolidated with another
          corporation, or merged another corporation into the Company, on a
          basis whereby less than fifty percent (50%) of the total voting power
          of the surviving corporation is represented by shares held by former
          shareholders of the Company prior to such merger or consolidation;

      e.  the Company shall have sold, transferred or exchanged all, or
          substantially all, of its assets to another corporation or other
          entity or person.

2.06  TERMINATION. The term "termination" shall mean termination, prior to the
      expiration of the Employment Period, of the employment of the Executive
      with the Company {including death and disability (as described below)} for
      any reason other than cause (as described below) or voluntary resignation
      (as described below). Termination includes "Constructive Termination" as
      described below. Termination includes non-renewal or failure to extend
      this Agreement at the end of any employment term, except for cause.

      a.  The term "disability" means physical or mental incapacity qualifying
          the Executive for a long-term disability under the Company's long-term
          disability plan. If no such plan exists on the Effective Date of this
          Agreement, the term "disability" means physical or mental incapacity
          as determined by a doctor jointly selected by the Executive and the
          Board of Directors of the Company qualifying the Executive for long-
          term disability under reasonable employment standards.

      b.  The term "cause" means: (i) the failure of the Executive to perform
          his duties with the Company (other than any failure due to physical or
          mental incapacity) after a demand for substantial performance is
          delivered to him by his supervisor which specifically identifies the
          manner in which the he believes he has not substantially performed his
          duties, (ii) misconduct materially and demonstrably injurious to the
          Company, (iii) violation of any Company policy including the covenant
          not to compete (except after termination under the Change in Control
          provisions and confidentiality provisions hereof), or (iv) making a
          false statement on his employment application which is incorporated
          herein by reference. The unwillingness of the Executive to accept any
          change in the nature or scope of his position, authorities or duties
          or any other reasonable request of the Company in respect of his
          position, authority, or responsibility may be considered by his

                                       4
<PAGE>

          supervisor to be a failure to perform by the Executive unless it
          occurs after a Change in Control. Notwithstanding the foregoing, the
          Executive shall not be deemed to have been terminated for cause for
          purposes of this Agreement unless and until there shall have been
          delivered to him a letter setting out the particulars and basis for
          his termination for cause.

      c.  The resignation of the Executive shall be deemed "voluntary" if it is
          for any reason other than one or more of the following:

          (i)  the Executive's resignation or retirement is requested by the
               Company other than for cause;

          (ii) any reduction in the Executive's total compensation or benefits
               from that provided in the Compensation and Benefits Section
               hereof;

          (iii)  the material breach by the Company of any other provision of
                 this Agreement;

          (iv) non-renewal or failure to extend any employment term, contrary to
               the wishes of the Executive.

     Termination that entitles the Executive to the payments and benefits
provided in the "Termination Payments and Benefits" Section hereof shall not be
deemed or treated by the Company as the termination of the Executive's
employment or the forfeiture of his participation, award, or eligibility, for
the purpose of any plan, practice or agreement of the Company referred to in the
Compensation and Benefits Section hereof.

2.07  CUSTOMER. The term "Customer" includes all persons, firms or entities that
      are purchasers or end-users of services or products offered, provided,
      developed, designed, sold or leased by the Company during the relevant
      time periods, and all persons, firms or entities which control, or which
      are controlled by, the same person, firm or entity which controls such
      purchase.

III.  EMPLOYMENT.

3.01  EMPLOYMENT. Except as otherwise provided in this Agreement, the Company
      hereby agrees to continue the Executive in its employ, and the Executive
      hereby agrees to remain in the employ of the Company, for the Term of
      Employment ("Employment Period") herein specified. During the Employment
      Period, Executive shall exercise such position and authority and perform
      such responsibilities as are commensurate with the position and as
      directed by his supervisor which services shall be performed at such
      location as the Company may reasonably require.

                                       5
<PAGE>

3.02  BEST EFFORTS AND OTHER EMPLOYMENT OF EXECUTIVE.

      a.  Executive agrees that he will at all times faithfully, industriously
          and to the best of his ability, experience and talents, perform all of
          the duties that may be required of and from him pursuant to the
          express and implicit terms hereof, to the reasonable satisfaction of
          the Company and in compliance with the Company Policy Manual. Said
          duties shall be rendered at such place or places within or outside the
          United States as the Company shall in good faith require or as the
          interest, needs, business, or opportunities of the Company shall
          require.

      b.  Executive shall devote his normal and regular business time, attention
          and skill to the business and interests of the Company, and the
          Company shall be entitled to all of the benefits, profits or other
          issue arising from or incident to all work, services and advice of
          Executive performed for the Company. Such employment shall be
          considered "full time" employment. Executive shall have the right to
          make investments in businesses which engage in activities other than
          those engaged by the Company. Executive shall also have the right to
          devote such incidental and immaterial amounts of his time which are
          not required for the full and faithful performance of his duties
          hereunder to any outside activities and businesses which are not being
          engaged in by the Company and which shall not otherwise interfere with
          the performance of his duties hereunder. Executive shall have the
          right to make investments in the manner and to the extent authorized
          and set forth in the Non-Competition Section of this Agreement and the
          Securities' Transaction Policy of the Company
          (Policy I-37 dated 12-1-97).

3.03  TERM OF EMPLOYMENT. ("Employment Period"). Executive's regular employment
      (no Change in Control being presently contemplated) will commence on the
      Effective Date of this Agreement and will be for a term of two (2) years
      ending at 12:00 o'clock midnight August 15, 2000; thereafter, the Term of
      Employment of Executive will be automatically extended for successive
      terms of one (1) year each commencing August 15, 2000, and on August 15 of
      each year thereafter, unless Company or Executive gives written notice to
      the other that employment will not be renewed or continued after the next
      scheduled expiration date which is not less than one (1) year after the
      date that the notice of nonrenewal was given. All extended employment
      terms will be considered to be within the Employment Period while
      Executive is employed with the Company.

                                       6
<PAGE>

3.04  COMPENSATION AND BENEFITS. During the Employment Period the Executive
      shall receive the following compensation and benefits:

      a.  He shall receive an annual base salary which is not less than his
          annual base salary, with the opportunity for increases, from time to
          time thereafter, which are in accordance with the Company's regular
          executive compensation practices ("annual base salary"). Executive's
          salary will be reviewed at least annually. Executive's annual base
          salary will be $180,000.

      b.  To the extent that such plans exist immediately prior to the Effective
          Date of this Agreement, he shall be eligible to participate on a
          reasonable basis, and to continue his existing participation, in
          annual bonus, stock option and other incentive compensation plans
          which provide opportunities to receive compensation in addition to his
          annual base salary which is provided by the Company for Executives
          with comparable duties.

      c.  To the extent such plans exist immediately prior to the Effective Date
          of this Agreement, he will be entitled to receive and participate in
          exempt employee benefits (including, but not limited to, medical,
          life, health, accident and disability insurance and disability
          benefits) and prerequisites provided by the Company to Executives with
          comparable duties.

      d.  Paid vacations each year to the same extent as provided to Executives
          with comparable duties. Presently vacation accrues at the rate of two
          weeks annually for those salaried employees with less than ten (10)
          years of service.

      e.  Participation in all other executive incentive stock and benefit plans
          approved by the Committee.

3.05  TERMINATION WITHOUT CHANGE IN CONTROL. The Company shall have the right to
      terminate Executive at any time during the Employment Period (including
      any extended term). Should the Company choose not to renew or extend the
      Employment Period of this Employment Agreement or choose to terminate the
      Executive, during or at the end of, the Employment Period, or in the event
      of death or disability of the Executive, if the termination is not after a
      Change in Control and is not for cause, the Company shall, within thirty
      (30) days following such termination, pay and provide to the Executive (or
      his Executor, Administrator or Estate in the event of death, as soon as
      reasonably practical):

                                       7
<PAGE>

      a.  An amount equal to one (1) full year of his base salary (including the
          amount allocated to the covenant not to compete), which base salary is
          here defined as twelve (12) times the then current monthly salary in
          effect for the Executive and all other benefits due him based upon the
          salary in effect on the Date of Termination (but not less than the
          highest annual base salary paid to the Executive during any of the
          three (3) years immediately preceding his Date of Termination). There
          shall be deducted only such amounts as may be required by law to be
          withheld for taxes and other applicable deductions.

      b.  The Company shall make available to Executive and his immediate family
          for a period of one (1) full year following the Date of Termination,
          life, health, accident and disability insurance which are not less
          than the highest benefits furnished to the Executive and his immediate
          family during the term of this Agreement.

      c.  An amount equal to the target award for the Executive under the
          Company's annual bonus plan for the fiscal year in which termination
          occurs, provided that if the Executive has deferred his award for such
          year under a Company plan, the payment due the Executive under this
          subparagraph shall be paid in accordance with the terms of the
          deferral or as specified by the Executive.

      d.  The Company shall pay, distribute and otherwise provide to the
          Executive the amount and value of his entire plan account and interest
          under any employee benefit plan, investment plan or stock ownership
          plan, if any exists on the Date of Termination, and all employer
          contributions made or payable to any such plan for his account prior
          to the end of the month in which Termination occurs shall be deemed
          vested and payable to him. Such payment or distribution shall be in
          accordance with the elections made by the Executive in respect of
          distributions in accordance with the plan as if the Executive's
          employment in the Company terminated at the end of the month in which
          Termination occurs.

      e.  All stock options and awards to which the Executive is entitled will
          immediately vest and the time for exercising any option will be as
          specified in the plan as if the Executive were still employed by the
          Company; provided however if the immediate vesting of all benefits
          under the plan is not permitted by the plan, then the benefits will be
          vested only to the extent authorized or permitted by the plan.

      f.  All life, health, hospitalization, medical and accident benefits
          available

                                       8
<PAGE>

          to Executive's spouse and dependents shall continue for the same term
          as the Executive's benefits. If the Executive dies, all benefits will
          be provided for a term of one (1) year (or two (2) years after a
          Change in Control) after the date of death of the Executive.

      g.  The Company's obligation under this Section to continue to pay or
          provide health care, life, accident and disability insurance to the
          Executive, the Executive's spouse and Executive's dependents, during
          the remainder of the Employment Period shall be reduced when and to
          the extent any of such benefits are paid or provided to the Executive
          by another employer, provided that the Executive shall have all rights
          afforded to retirees to convert group insurance coverage to the
          individual insurance coverage as, to the extent of, and whenever his
          group insurance coverage under this Section is reduced or expires.
          Apart from this subparagraph, the Executive shall have and be subject
          to no obligation to mitigate.

      h.  The Company shall deduct applicable withholding taxes in performing
          its obligations under this Section.

     Nothing in this Section is intended, nor shall be deemed or interpreted, to
be an amendment to any compensation, benefit or other plan to the Company.  To
the extent the Company's performance under this Section includes the performance
of the Company's obligations to the Executive under any other plan or under
another agreement between the Company and the Executive, the rights of the
Executive under such other plan or other agreements, which are discharged under
this Agreement, are discharged, surrendered, or released pro tanto.

IV.  CHANGE IN CONTROL.

4.01  EXTENSION OF EMPLOYMENT PERIOD. Upon any Change in Control the Employment
      Period shall be immediately and without further action extended for a term
      of two (2) years following the Effective Date of the Change in Control and
      will expire at 12:00 o'clock midnight on the last day of the month
      following two (2) years after the Change in Control. Thereafter, the
      employment period will be extended for successive terms of one (1) year
      each, unless terminated, all in the manner specified in the Term of
      Employment Section pertaining to regular employment.

4.02  CHANGE IN CONTROL TERMINATION PAYMENTS AND BENEFITS. In the event the
      Executive is terminated within two (2) years following a Change in
      Control, the Executive will receive the payments and benefits specified in
      the "Termination without Change in Control" Section in the same time and
      manner therein specified except as amended and modified hereby:

                                       9
<PAGE>

      a.  The salary and benefits specified in Section 3.05a. will be paid based
          upon a multiple of two (2) years (instead of one (1) year).

      b.  Life, health, accident and disability insurance specified in Section
          3.05b. will be provided until (i) Executive becomes reemployed and
          receives similar benefits from a new employer or (ii) two (2) years
          after the Date of Termination, whichever is earlier.

      c.  An amount equal to two (2) times the maximum award that the Executive
          could receive under the Company's Annual Bonus Plan for the fiscal
          year in which the termination occurs, instead of the benefits provided
          in Section 3.05c.

      d.  All other rights and benefits specified in Section 3.05.

4.03  VOLUNTARY RESIGNATION UPON CHANGE IN CONTROL. If the Executive voluntarily
      resigns his employment within six (6) months after a Change in Control
      (whether or not Company may be alleging the right to terminate employment
      for cause), he will receive the same payments, compensation and benefits
      as if he had been terminated on the date of resignation after Change in
      Control.

V.   NON-COMPETITION AND CONFIDENTIALITY.

5.01  CONSIDERATION. The base salary awarded to the Executive and to be paid to
      the Executive in the future includes consideration for the Non-Competition
      and Confidentiality Agreement set forth herein and the amount to be paid
      to Executive in the event of the termination of employment of Executive,
      voluntarily, involuntarily, or under a Change of Control, under Section
      3.05a and 4.02a hereof constitute payment, in part, for the Non-
      Competition and Confidentiality of the Executive. It is contracted,
      stipulated and agreed that fifteen percent (15%) of such amount paid and
      to be paid to the Executive shall constitute the consideration for the
      Non-Competition and Confidentiality Agreement set forth herein.

5.02  NON-COMPETITION. Executive acknowledges that his employment with the
      Company has in the past and will, of necessity, provide him with
      specialized knowledge which, if used in competition with the Company could
      cause serious harm to the Company. Accordingly, the Executive agrees that
      during his employment with the Company and for a period of one (1) year
      after he is no longer employed by the Company (unless his employment is
      terminated after a Change in Control, in which event there will be no
      covenant not to compete and the provisions of the covenant not to compete
      herein contained will terminate on the date of termination of Executive)
      Executive will not, directly or indirectly, either as an individual,
      proprietor, stockholder {other than as a holder of up to one percent (1%)
      of the outstanding shares of a corporation whose shares are listed on a
      stock exchange or traded in accordance with the automated quotation system
      of the National Association of Securities

                                       10
<PAGE>

      Dealers}, partner, officer, employee or otherwise:

      a.  work for, become an employee of, invest in, provide consulting
          services or in any way engage in any business which provides,
          produces, leases or sells products or services of the same or similar
          type provided, produced, leased or sold by the Company and with regard
          to which Executive was engaged, or over which Executive had direct or
          indirect supervision or control, within one (1) year preceding the
          Executive's termination of employment, in any area where the Company
          provided, produced, leased or sold such products or services at any
          time during the one (1) year preceding such termination of employment;
          or

      b.  provide, sell, offer to sell, lease, offer to lease, or solicit any
          orders for any products or services which the Company provided and
          with regard to which the Executive had direct or indirect supervision
          or control, within one (1) year preceding Executive's termination of
          employment, to or from any person, firm or entity which was a customer
          for such products or services of the Company during the one (1) year
          preceding such termination from whom the Company had solicited
          business during such one (1) year; or

      c.  solicit, aid, counsel or encourage any officer, director, employee or
          other individual to (i) leave his or her employment or position with
          the Company or (ii) compete with the business of the Company, or (iii)
          violate the terms of any employment, non-competition or similar
          agreement with the Company; or

      d.  employ, directly or indirectly; permit the employment of; contract for
          services or work to be performed by; or otherwise, use, utilize or
          benefit from the services of any officer, director, employee or any
          other individual holding a position with the Company within two (2)
          years after the Date of Termination of employment of Executive with
          the Company or within two (2) years after such officer, director,
          employee or individual terminated employment with the Company,
          whichever occurs earlier.

5.03  CONFIDENTIALITY. Executive acknowledges that his employment with the
      Company has in the past and will, of necessity, provide him with
      specialized knowledge which, if used in competition with the Company, or
      divulged to others, could cause serious harm to the Company. Accordingly,
      Executive will not at any time during or after his employment by the
      Company, directly or indirectly, divulge, disclose or communicate to any
      person, firm or corporation in any manner whatsoever any information
      concerning any matter

                                       11
<PAGE>

      affecting or relating to the Company or the business of the Company. While
      engaged as an employee of the Company, Executive may only use information
      concerning any matters affecting or relating to the Company or the
      business of the Company for a purpose which is necessary to the carrying
      out of the Executive's duties as an employee of the Company, and Executive
      may not make use of any information of the Company after he is no longer
      an employee of the Company. Executive agrees to the foregoing without
      regard to whether all of the foregoing matters will be deemed
      confidential, material or important, it being stipulated by the parties
      that all information, whether written or otherwise, regarding the
      Company's business, including, but not limited to, information regarding
      customers, customer lists, costs, prices, earnings, products, services,
      formulae, compositions, machines, equipment, apparatus, systems,
      manufacturing procedures, operations, potential acquisitions, new location
      plans, prospective and executed contracts and other business arrangements,
      and sources of supply, is prima facie presumed to be important, material
      and confidential information of the Company for the purposes of this
      Agreement, except to the extent that such information may be otherwise
      lawfully and readily available to the general public. Executive further
      agrees that he will, upon termination of his employment with the Company,
      return to the Company all books, records, lists and other written, typed
      or printed materials, whether furnished by the Company or prepared by
      Executive, which contain any information relating to the Company's
      business, and Executive agrees that he will neither make nor retain any
      copies of such materials after termination of employment.

5.04  GEOGRAPHICAL AREA. The geographical area within which the non-competition
      covenants of this Agreement shall apply is that territory within two
      hundred (200) miles of: (i) any of the Company's present offices, (ii) any
      of the Company's present rig yards or rig operations, and (iii) any
      additional location where the Company, as of the date of any action taken
      in violation of the non-competition covenants of this Agreement, has an
      office, a rig yard, rig operation or definitive plans to locate an office,
      a rig operation or a rig yard or has recently conducted rig operations.
      Notwithstanding the foregoing, if the two hundred (200) mile radius
      extends into another country or its territorial waters and the Company is
      not then doing business in that other country, there will be no
      territorial limitations extending into such other country.

5.05  COMPANY REMEDIES FOR VIOLATION OF NON-COMPETITION OR CONFIDENTIALITY
      AGREEMENT. Without limiting the right of the Company to pursue all other
      legal and equitable rights available to it for violation of any of the
      covenants made by Executive herein, it is agreed that:

      a.  the skills, experience and contacts of Executive are of a special,
          unique, unusual and extraordinary character which give them a peculiar
          value;

      b.  because of the business of the Company, the restrictions agreed to by
          Executive as to time and area contained in this Agreement are
          reasonable; and

                                       12
<PAGE>

      c.  the injury suffered by the Company by a violation of any covenant in
          this Agreement resulting from loss of profits created by the
          competitive use of such skills, experience and contacts and otherwise
          will be difficult to calculate in damages in an action at law and
          cannot fully compensate the Company for any violation of any covenant
          in this Agreement, accordingly:

          (i)  the Company shall be entitled to injunctive relief to prevent
               violations of such covenants or continuing violations thereof and
               to prevent Executive from rendering any services to any person,
               firm or entity in breach of such covenant and to prevent
               Executive from divulging any confidential information; and

          (ii) compliance with this Agreement is a condition precedent to the
               Company's obligation to make payments of any nature to Executive.

5.06  TERMINATION OF BENEFITS FOR VIOLATION OF NON-COMPETITION AND
      CONFIDENTIALITY AGREEMENT. If Executive's termination was not after a
      Change in Control and if Executive shall be violating the Confidentiality
      and/or Non-Competition Agreement or any agreement he may have signed as an
      employee of the Company, Executive agrees that after receipt of written
      notice he shall continue such action and that there shall be no obligation
      on the part of the Company to provide any payments or benefits (other than
      payments or benefits already earned or accrued) described in the
      Termination of Rights and Benefits Section hereof, subject to the
      provisions of Section 6.01 hereof. There will be no withholding of
      benefits or payments if the termination occurred after a Change in Control
      and Executive will not be bound by the non-competition provisions if
      terminated while the Change in Control provisions hereof are applicable.

VI.   GENERAL.

6.01  ENFORCEMENT COSTS. The Company is aware that upon the occurrence of a
      Change in Control, or under other circumstances even when a Change in
      Control has not occurred, the Board of Directors or an shareholder of the
      Company may then cause or attempt to cause the Company to refuse to comply
      with its obligations under this Agreement, or may cause or attempt to
      cause the Company to institute, or may institute, litigation seeking to
      have this Agreement declared unenforceable, or may take, or attempt to
      take, other action to deny Executive the benefits intended under this
      Agreement; or actions may be taken to enforce the non-competition or
      confidentiality provisions of this Agreement. In these circumstances, the
      purpose of this Agreement could be frustrated. It is the intent of the
      parties that the

                                       13
<PAGE>

      Executive not be required to incur the legal fees and expenses associated
      with the protection or enforcement of his rights under this Agreement by
      litigation or other legal action because such costs would substantially
      detract from the benefits intended to be extended to Executive hereunder,
      nor be bound to negotiate any settlement of his rights hereunder under
      threat of incurring such costs. Accordingly, if at any time after the
      Effective Date of this Agreement, it should appear to Executive that the
      Company is or has acted contrary to or is failing or has failed to comply
      with any of its obligations under this Agreement for the reason that it
      regards this Agreement to be void or unenforceable, that Executive has
      violated the terms of this Agreement, or for any other reason, or that the
      Company has purported to terminate his employment for cause or is in the
      course of doing so, or is withholding payments or benefits, or is
      threatening to withhold payments or benefits, contrary to this Agreement,
      or in the event that the Company or any other person takes any action to
      declare this Agreement void or unenforceable, or institutes any litigation
      or other legal action designed to deny, diminish or to recover from
      Executive the benefits provided or intended to be provided to him
      hereunder, and Executive has acted in good faith to perform his
      obligations under this Agreement, the Company irrevocably authorizes
      Executive from time to time to retain counsel of his choice at the expense
      of the Company to represent him in connection with the protection and
      enforcement of his rights hereunder, including, without limitation,
      representation in connection with termination of his employment or
      withholding of benefits or payments contrary to this Agreement or with the
      initiation or defense of any litigation or any other legal action, whether
      by or against Executive or the Company or any Director, Officer,
      Shareholder or other person affiliated with the Company, in any
      jurisdiction. Company is not authorized to withhold the periodic payments
      of attorneys' fees and expenses hereunder based upon any belief or
      assertion by the Company that Executive has not acted in good faith or has
      violated this Agreement. If Company subsequently establishes that
      Executive was not acting in good faith and has violated this Agreement,
      Executive will be liable to the Company for reimbursement of amounts paid
      due to Executive's actions not based on good faith and in violation of
      this Agreement. The reasonable fees and expenses of counsel selected from
      time to time by Executive as hereinabove provided shall be paid or
      reimbursed to Executive by the Company, on a regular, periodic basis
      within thirty (30) days after presentation by Executive of a statement or
      statements prepared by such counsel in accordance with its customary
      practices, up to a maximum aggregate amount of One Hundred Fifty Thousand
      Dollars ($150,000).

6.02  INCOME, EXCISE OR OTHER TAX LIABILITY. Executive will be liable for and
      will pay all income tax liability by virtue of any payments made to
      Executive under this Agreement, as if the same were earned and paid in the
      normal course of business and not the result of a Change in Control and
      not otherwise triggered by the "golden parachute" or excess payment
      provisions of the Internal Revenue Code of the United States, which would
      cause additional tax liability to be imposed.

6.03  PAYMENT OF BENEFITS UPON TERMINATION FOR CAUSE. If the termination of
      Executive is for cause and not after a Change in Control, the Company will
      have the right

                                       14
<PAGE>

      to withhold all payments (except those specified in Section 6.01);
      provided however that if a final judgment is entered finding that cause
      did not exist for termination, the Company will pay all benefits to
      Executive to which he would have been entitled had the termination not
      been for cause, plus interest on all amounts withheld from Executive at
      the rate specified for judgments under Article 5069-1.05 V.A.T.S. If the
      termination for cause occurs after a Change in Control, the Company shall
      have not right to suspend or withhold payments to Executive under any
      provision of this Agreement until or unless a final judgment is entered
      upholding the Company's determination that the termination was for cause,
      in which event Executive will be liable to the Company for all amounts
      paid, plus interest at the rate allowed for judgments under Article 5069-
      1.05 V.A.T.S.

6.04  NON-EXCLUSIVE AGREEMENT. The specific arrangements referred to herein are
      not intended to exclude or limit Executive's participation in other
      benefits available to executive personnel generally, or to preclude or
      limit other compensation or benefits as may be authorized by the Board of
      Directors of the Company at any time, or to limit or reduce any
      compensation or benefits to which Executive would be entitled but for this
      Agreement.

6.05  NOTICES. Notices, requests, demands and other communications provided for
      by this Agreement shall be in writing and shall either be personally
      delivered by hand or sent by: (i) Registered or Certified Mail, Return
      Receipt Requested, postage prepaid, properly packaged, addressed and
      deposited in the United States Postal System; (ii) via facsimile
      transmission if the receiver acknowledges receipt; or (iii) via Federal
      Express or other expedited delivery service provided that acknowledgment
      of receipt is received and retained by the deliverer and furnished to the
      sender, if to Executive, at the last address he has filed, in writing,
      with the Company, or if to the Company, to its Corporate Secretary at its
      principal executive offices.

6.06  NON-ALIENATION. Executive shall not have any right to pledge, hypothecate,
      anticipate, or in any way create a lien upon any amounts provided under
      this Agreement, and no payments or benefits due hereunder shall be
      assignable in anticipation of payment either by voluntary or involuntary
      acts or by operation of law. So long as Executive lives, no person, other
      than the parties hereto, shall have any rights under or interest in this
      Agreement or the subject matter hereof. Upon the death of Executive, his
      Executors, Administrators, Devisees and Heirs, in that order, shall have
      the right to enforce the provisions hereof.

6.07  ENTIRE AGREEMENT: AMENDMENT. This Agreement constitutes the entire
      agreement of the parties with respect of the subject matter hereof. No
      provision of this Agreement may be amended, waived, or discharged except
      by the mutual written agreement of the parties. The consent of any other
      person(s) to any such amendment, waiver or discharge shall not be
      required.

6.08  SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to
      the benefit of the Company, its successors and assigns, by operation of
      law or otherwise, including, without limitation, any corporation or other
      entity or persons which shall succeed

                                       15
<PAGE>

      (whether direct or indirect, by purchase, merger, consolidation or
      otherwise) to all or substantially all of the business and/or assets of
      the Company, and the Company will require any successor, by agreement in
      form and substance satisfactory to Executive, expressly to assume and
      agree to perform this Agreement. Except as otherwise provided herein, this
      Agreement shall be binding upon and inure to the benefit of Executive and
      his legal representatives, heirs and assigns, provided however, that in
      the event of Executive's death prior to payment or distribution of all
      amounts, distributions and benefits due him hereunder, each such unpaid
      amount and distribution shall be paid in accordance with this Agreement to
      the person or persons designated by Executive to the Company to receive
      such payment or distribution and in the event Executive has made no
      applicable designation, to his Estate. If the Company should split, divide
      or otherwise become more than one entity, all liability and obligations of
      the Company shall be the joint and several liability and obligation of all
      of the parts.

6.09  GOVERNING LAW. Except to the extent required to be governed by the laws of
      the State of Louisiana because the Company is incorporated under the laws
      of said State, the validity, interpretation and enforcement of this
      Agreement shall be governed by the laws of the State of Texas.

6.10  VENUE. Venue for all proceedings hereunder will be in the U.S. District
      Court for the Southern District of Texas, Houston Division. Executive
      hereby waives his right to request a jury.

6.11  HEADINGS. The headings in this Agreement are inserted for convenience of
      reference only and shall not affect the meaning or interpretation of this
      Agreement.

6.12  SEVERABILITY. In the event that any provision or portion of this Agreement
      shall be determined to be invalid or unenforceable for any reason, the
      remaining provisions of this Agreement shall be unaffected thereby and
      shall remain in full force and effect.

6.13  PARTIAL INVALIDITY. In the event that any part, portion or Section of this
      Agreement is found to be invalid or unenforceable for any reason, the
      remaining provisions of this Agreement shall be binding upon the parties
      hereto and the Agreement will be construed to give meaning to the
      remaining provisions of this Agreement in accordance with the intent of
      this Agreement.

6.14  COUNTERPARTS. This Agreement may be executed in one or more counterparts,
      each of which shall be deemed to be original, but all of which together
      constitute one and the same instrument.

                                       16
<PAGE>

     IN WITNESS WHEREOF, Executive has hereunto set his hand and, pursuant to
the authorization from its Board of Directors and the Compensation Committee,
the Company has caused these presents to be executed in its name and on its
behalf, and its corporate seal to be hereunto affixed and attested by its
Secretary or Assistant Secretary, all as of the day and year first above
written.

     EXECUTED in multiple originals and/or counterparts as of the Effective
Date.

                                 /s/ Gary Casswell
                                ---------------------
                                GARY CASSWELL

                                PRIDE INTERNATIONAL, INC.

CORPORATE SEAL

                                BY: /s/ Ray H. Tolson
                                    -----------------------
                                    RAY H.  TOLSON
                                    CEO and Chairman of the Board

                                       17

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