Document:

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                                 EXHIBIT 10.20

                            STOCK PURCHASE AGREEMENT

                                 BY AND BETWEEN

RANDY PAUL DEROCHE, JR., CALVIN J. DEROCHE, RANDY PAUL DEROCHE, SR. AS TUTOR FOR
MELODY DEROCHE AND KRISTIN DEROCHE, TIMOTHY DEROCHE AS TUTOR FOR JORDAN DEROCHE
AND ZACHARY DEROCHE, CHRISTOPHER DUBOIS AS TUTOR FOR ERIN DUBOIS, DONNA D.
TERRELL, RANDY P. DEROCHE, SR., TIMOTHY P. DEROCHE, MICHAEL ANTHONY DEROCHE,
DARREN J. DEROCHE, WAYNE A. BASCLE, STEVEN A. LABAT, HANSEN NELTON, JR. BENJAMIN
D. DEROCHE, JEROD DEROCHE, CHRISTOPHER J. DUBOIS, JOSEPH F. RAMIREZ, TIMOTHY J.
LEDET, LEROY DEROCHE, STUART A. OLIVER, MANDY DUBOIS LOESCHER, RONNIE G.
BROUSSARD, DARLENE DEROCHE RAMIREZ AND MONICA DEROCHE DUBOIS

                                 SHAREHOLDERS OF
                              O & M EQUIPMENT, INC.

                                       AND

                            T-3 ENERGY SERVICES, INC.

                              DATED: MARCH 1, 2000

                                     EX-133
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                                TABLE OF CONTENTS

                                                                          Page
STOCK PURCHASE AGREEMENT....................................................1
RECITALS:...................................................................1
AGREEMENT:..................................................................1
1.  AGREEMENT TO SELL AND AGREEMENT TO PURCHASE.............................2
         1.1.  PURCHASE OF SHARES FROM SHAREHOLDERS.........................2
         1.2.  FURTHER ASSURANCES...........................................2
         1.3.  CLOSING......................................................2
2.  CONSIDERATION TO BE PAID BY BUYER.......................................2
         2.1.  PURCHASE PRICE FOR SHARES....................................2
         2.2.  PAYMENT OF PURCHASE PRICE....................................2
         2.3.  PURCHASE PRICE ADJUSTMENT....................................5
3.  REPRESENTATIONS AND WARRANTIES OF SELLERS...............................7
         3.1.  ORGANIZATION AND GOOD STANDING...............................7
         3.2.  AUTHORIZATION OF AGREEMENT...................................7
         3.3.  OWNERSHIP OF SHARES..........................................7
         3.4.  CAPITALIZATION...............................................7
         3.5.  FINANCIAL CONDITION..........................................8
         3.6.  PROPERTY OF THE COMPANY......................................9
         3.7.  AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS................12
         3.8.  EMPLOYMENT AGREEMENTS; AND EMPLOYEE BENEFITS................12
         3.9.  LABOR AND EMPLOYMENT MATTERS................................16
         3.10.  LITIGATION.................................................17
         3.11.  CONTRACTS..................................................17
         3.12.  REGULATORY APPROVALS.......................................19
         3.13.  COMPLIANCE WITH LAW........................................19
         3.14.  INDEBTEDNESS FROM EMPLOYEES................................19
         3.15.  ACCOUNTS RECEIVABLE........................................19
         3.16.  INSURANCE..................................................20
         3.17.  POWERS OF ATTORNEY AND SURETYSHIPS.........................20
         3.18.  NO UNDISCLOSED LIABILITIES.................................20
         3.19.  ENVIRONMENTAL MATTERS......................................20
         3.20.  CONFLICT OF INTEREST.......................................21
         3.21.  TAXES......................................................22
         3.22.  LIENS......................................................27
         3.23.  OTHER INFORMATION..........................................28
         3.24.  NO OTHER REPRESENTATIONS...................................28
         3.25.  NO KNOWN BREACHES..........................................28
4.  REPRESENTATIONS AND WARRANTIES OF BUYER................................28
         4.1.  ORGANIZATION................................................28
         4.2.  CORPORATE AUTHORITY.........................................28
         4.3.  AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS................28
         4.4.  INVESTMENT INTENT...........................................29
         4.5.  REGULATORY AND OTHER APPROVALS..............................29
         4.6.  NO KNOWN BREACHES...........................................29
         4.7.  OTHER INFORMATION...........................................29
         4.8.  NO OTHER REPRESENTATIONS....................................29
5.  CERTAIN UNDERSTANDINGS AND AGREEMENTS OF THE PARTIES...................30

                                     EX-134
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                                TABLE OF CONTENTS

                                                                          Page
         5.1.  COOPERATION IN LITIGATION...................................30
         5.2.  TAX MATTERS.................................................30
         5.3.  CONFIDENTIALITY AGREEMENTS..................................33
6.  INDEMNIFICATION........................................................33
         6.1.  INDEMNIFICATION BY SELLERS..................................33
         6.2.  INDEMNIFICATION BY BUYER....................................35
         6.3.  CLAIMS FOR INDEMNIFICATION..................................36
         6.4.  DEFENSE BY INDEMNIFYING PARTY...............................36
         6.5.  MANNER OF INDEMNIFICATION...................................37
         6.6.  LIMITATIONS ON INDEMNIFICATION..............................37
         6.7.  SOLE BASIS FOR RECOVERY.....................................38
         6.8.  JOINT AND SEVERAL LIABILITY.................................38
7.  DOCUMENTS TO BE DELIVERED AT CLOSING...................................38
         7.1.  CLOSING DOCUMENTS DELIVERED BY SELLERS......................38
         7.2  CLOSING DOCUMENTS DELIVERED BY BUYER.........................39
8.  RELEASE................................................................39
9.  MISCELLANEOUS..........................................................40
         9.1.  NOTICES.....................................................40
         9.2.  ASSIGNABILITY AND PARTIES IN INTEREST.......................41
         9.3.  GOVERNING LAW...............................................41
         9.4.  COUNTERPARTS................................................42
         9.5.  INDEMNIFICATION FOR BROKERAGE...............................42
         9.6.  PUBLICITY...................................................42
         9.7.  COMPLETE AGREEMENT..........................................42
         9.8.  INTERPRETATION..............................................42
         9.9.  SEVERABILITY................................................42
         9.10.  KNOWLEDGE:  DUE DILIGENCE INVESTIGATION....................43
         9.11.  EXPENSES OF TRANSACTIONS...................................43
         9.12.  LIMIT ON INTEREST..........................................43
         9.13.  SUBMISSION TO JURISDICTION.................................43
         9.14.  ARBITRATION................................................43
         9.15.  WAIVER OF PUNITIVE DAMAGES.................................44

                                     EX-135
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                       TABLE OF CONTENTS

EXHIBITS
EXHIBIT A  ESCROW AGREEMENT
EXHIBIT 2.3.1  FORM OF CLOSING BALANCE SHEET
EXHIBIT 5.3.1.  CONFIDENTIALITY AGREEMENT
SCHEDULES
SCHEDULE 2.2.2.  SELLERS' WIRE TRANSFER INSTRUCTIONS
SCHEDULE 3.1.  LOUISIANA PARISHES IN WHICH THE COMPANY DOES BUSINESS
SCHEDULE 3.5.1.  FINANCIAL STATEMENTS
SCHEDULE 3.5.2.  ASSETS TRANSFERRED OTHER THAN IN THE ORDINARY COURSE OF
                 BUSINESS
SCHEDULE 3.6.1.  REAL PROPERTY
SCHEDULE 3.6.2.  INVENTORY
SCHEDULE 3.6.3.  TANGIBLE PERSONAL PROPERTY
SCHEDULE 3.6.4.  INTANGIBLE PERSONAL PROPERTY
SCHEDULE 3.6.5.  SUBSIDIARIES
SCHEDULE 3.7.  CONSENTS
SCHEDULE 3.8.1.  LABOR AND EMPLOYMENT MATTERS
SCHEDULE 3.8.2.  EMPLOYEE BENEFIT PLANS
SCHEDULE 3.9.1.  COLLECTIVE BARGAINING AGREEMENTS
SCHEDULE 3.9.2.  LABOR STRIKES
SCHEDULE 3.10.  LITIGATION
SCHEDULE 3.11.  CONTRACTS
SCHEDULE 3.14.  EMPLOYEE INDEBTEDNESS
SCHEDULE 3.15.  ACCOUNTS RECEIVABLE
SCHEDULE 3.16.  INSURANCE
SCHEDULE 3.20.  CONFLICTS
SCHEDULE 3.21.2.  TAXABLE YEARS/EXAMINATIONS
SCHEDULE 3.21.3.  TAX RETURNS, ETC.
SCHEDULE 3.21.3.7.  TAX AFFILIATES
SCHEDULE 3.21.3.22.  TAX RETURNS WITHIN 60 DAYS
SCHEDULE 3.22.  DESCRIPTION OF COMPANY INDEBTEDNESS GUARANTEED BY SELLERS;
                LIENS ON ASSETS
SCHEDULE 5.3.1.  LIST OF EMPLOYEES/SHAREHOLDERS THAT WILL EXECUTE
                 CONFIDENTIALITY AGREEMENT
SCHEDULE 6.1.8.  ENVIRONMENTAL MATTERS
SCHEDULE 9.5.  BROKERAGE

                                     EX-136
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                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of this 1st day of March, 2000 by and among RANDY PAUL DEROCHE, JR.,
CALVIN J. DEROCHE, RANDY PAUL DEROCHE, SR. AS TUTOR FOR MELODY DEROCHE AND
KRISTIN DEROCHE, TIMOTHY DEROCHE AS TUTOR FOR JORDAN DEROCHE AND ZACHARY
DEROCHE, CHRISTOPHER DUBOIS AS TUTOR FOR ERIN DUBOIS, DONNA D. TERRELL, RANDY P.
DEROCHE, SR., TIMOTHY P. DEROCHE, MICHAEL ANTHONY DEROCHE, DARREN J. DEROCHE,
WAYNE A. BASCLE, STEVEN A. LABAT, HANSEN NELTON, JR. BENJAMIN D. DEROCHE, JEROD
DEROCHE, CHRISTOPHER J. DUBOIS, JOSEPH F. RAMIREZ, TIMOTHY J. LEDET, LEROY
DEROCHE, STUART A. OLIVER, MANDY DUBOIS LOESCHER, RONNIE G. BROUSSARD, DARLENE
DEROCHE RAMIREZ AND MONICA DEROCHE DUBOIS (collectively, the "Sellers"), being
all the shareholders of O & M EQUIPMENT, INC., a Louisiana corporation (the
"Company"), and T-3 ENERGY SERVICES, INC., a Delaware corporation ("Buyer").
RECITALS:

         1. Sellers own all outstanding shares of the common stock, no par value
(the "Shares"), of the Company.

         2. The Company is engaged in the business of manufacture,
remanufacture, and repair of flow control equipment and the manufacture,
remanufacture, and repair of drilling equipment used in the oil and gas
exploration, refining, production and distribution industries.

         3. Sellers desire to sell to Buyer the Shares, and Buyer desires to
acquire the Shares on the terms and conditions hereinafter set forth.

         4. For those Sellers that are minors, this Agreement is being executed
by the judicially appointed tutor(s) of said minors, as authorized by judicial
order.

AGREEMENT:

         NOW, THEREFORE, in consideration of the premises and the mutual
promises contained herein, the parties hereto covenant and agree as follows:

                                     EX-137
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     1.   AGREEMENT TO SELL AND AGREEMENT TO PURCHASE.

          1.1  PURCHASE OF SHARES FROM SHAREHOLDERS.

               On the terms and subject to the conditions set forth herein,
          Sellers hereby sell, transfer, convey, assign and deliver to Buyer,
          free and clear of all liens, pledges, encumbrances and claims
          whatsoever, and Buyer hereby purchases, acquires and accepts from
          Sellers all the Shares. Sellers shall deliver to Buyer certificates
          representing the Shares, duly endorsed for transfer at the Closing (as
          defined in Section 1.3 hereof).

          1.2. FURTHER ASSURANCES.

               From time to time after the Closing, Sellers and Buyer, and each
          of their respective affiliates, will execute and deliver to the other
          party such instruments of sale, transfer, conveyance, assignment and
          delivery, consents, assurances, powers of attorney and other
          instruments as may be reasonably requested by counsel for Buyer or
          Sellers in order to vest in Buyer all right, title and interest of
          Sellers in and to the Shares and otherwise in order to carry out the
          purpose and intent of this Agreement.

          1.3. CLOSING.

               The closing (the "Closing") of the transactions herein
          contemplated shall take place at the offices of Liskow & Lewis located
          at One Shell Square, 701 Poydras Street, New Orleans, Louisiana 70139
          and be effective as of 10:00 a.m., local time, on the date hereof (the
          "Closing Date"). All actions taken and all documents delivered at the
          Closing shall be deemed to have occurred simultaneously.

     2.   CONSIDERATION TO BE PAID BY BUYER.

          2.1. PURCHASE PRICE FOR SHARES.

          The purchase price for the Shares shall be an amount ("Purchase
          Price") equal to $2,500,000.00 plus or less, as the case may be, any
          Adjustment Amounts (as defined in Section 2.3.4.)

          2.2. PAYMENT OF PURCHASE PRICE.

               2.2.1. COMPONENTS OF PURCHASE PRICE

                      The Purchase Price is payable as follows: (i)
               $1,500,000.00 in cash LESS Total Debt, which amount is assumed by
               Buyer on the Closing Date; and (ii) up to $1,000,000.00 of
               additional cash, paid in installments equal to fifty percent
               (50%) of the Company's EBITDA (a) in excess of $100,000.00 for
               fiscal year 2000 and (b) from the first dollar for fiscal year
               2001 and 2002 (the "Earnout Payment"). Each of the three (3)
               installments of the Earnout Payment will be payable by Buyer to
               Sellers fifteen (15) days after Buyer's respective receipt of the
               Company's audited financial statements for the years ended
               December 31, 2000, December 31, 2001, and December 31, 2002;
               provided, however, it is agreed and understood that Buyer may
               elect to retain up to $150,000.00 from each of the first two (2)
               installments for working capital purposes. Any such retained
               amount shall bear interest at the rate of 8% per annum,
               compounded annually, and shall be payable no later than the due
               date of the third installment of the Earnout Payment. The term
               "Total Debt" as used in this Agreement is defined as the amount
               equal to the Company's short-term debt, current portion of
               long-term debt, long-term debt, and shareholder loans. The term
               "EBITDA" as used in this Section 2.2.1. is defined as the
               Company's earnings before interest, taxes, depreciation, and
               amortization (determined in accordance with generally accepted
               accounting principles consistently applied). To the extent the
               Company has capital lease or

                                     EX-138
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               sale lease back obligations, such obligations will be treated as
               a component of the Company debt assumed by Buyer at Closing as
               provided above. The Total Debt assumed by Buyer, as set forth
               above, shall be treated as a dollar - for - dollar credit to the
               $1,500,000.00 cash payment. The cash portion of the Purchase
               Price is payable at Closing. Each installment of the Earnout
               Payment and the cash portion of the Earnout Payment are payable
               in immediately available funds by wire transfer to Sellers
               (pursuant to the wire transfer instructions set forth on Schedule
               2.2.2.) in the percentages set forth in Section 2.2.2. below.

               2.2.2. CASH TO SELLERS

                      At the Closing, Buyer shall pay in immediately available
               funds by wire transfer (pursuant to the instructions set forth on
               Schedule 2.2.2.) to Sellers the cash portion of the Purchase
               Price, less the Escrow Amount (as defined in Section 2.2.3.), to
               the separate accounts of Sellers in the following percentages:

                         Randy Paul Deroche, Jr.                    3.0%

                         Kristin Deroche                            3.0%

                         Melody Deroche                             3.0%

                         Donna D. Terrell                           5.5%

                         Calvin J. Deroche                          5.77%

                         Randy P. Deroche, Sr.                      8.64%

                         Timothy P. Deroche                         3.54%

                         Benjamin D. Deroche                        5.54%

                         Michael Anthony Deroche                    4.54%

                         Jerod Deroche                              1.0%

                         Darren J. Deroche                          5.54%

                         Christopher J. Dubois                      2.04%

                         Wayne A. Bascle                            4.04%

                         Joseph F. Ramirez                          2.42%

                         Steven A. Labat                            0.81%

                         Timothy J. Ledet                           0.81%

                         Hansen Nelton, Jr.                         0.81%

                         Leroy Deroche                              5.0%

                         Stuart A. Oliver                           20.0%

                         Ronnie G. Broussard                        8.0%

                                     EX-139
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                         Mandy Dubois Loescher                      1.0%

                         Erin Dubois                                1.0%

                         Jordan Deroche                             1.0%

                         Zachary Deroche                            1.0%

                         Monica Deroche Dubois                      1.5%

                         Darlene Deroche Ramirez                    1.5%

               2.2.3. RETENTION OF ESCROW.

                      Buyer shall place in an interest bearing escrow account
               with Hibernia National Bank $150,000.00 of the Purchase Price
               (the "Escrow Amount"), which shall be subject to Section 6. and
               the Adjustment Amounts (as defined in Section 2.3.4.)
               Distribution of the Escrow Amount shall be pursuant to an Escrow
               Agreement in the form of Exhibit A. The Escrow Amount, after
               taking into account any claims by Buyer against Sellers pursuant
               to Section 6. of this Agreement and any Adjustment Amounts
               payable to Buyer to the extent not paid by Sellers, shall be paid
               to Sellers with interest as follows:

                                2.2.3.1. On March 1, 2001, Buyer shall pay to
                      Sellers, in the percentages set forth in Section 2.2.2.,
                      the Escrow Amount, less any amounts claimed pursuant to
                      Section 6. by Buyer up to March 1, 2001 and any Adjustment
                      Amounts payable to Buyer to the extent not paid by
                      Sellers, including interest accrued on any such amounts.

          2.3. PURCHASE PRICE ADJUSTMENTS.

                      2.3.1. Seller shall prepare or cause to be prepared and
               delivered to Buyer at the Closing a preliminary combined balance
               sheet of the Company as of February 29, 2000, prepared in
               accordance with generally accepted accounting principles
               consistently applied ("GAAP") on a basis consistent with the
               Financial Statements as such term is used in Section 3.5.1. of
               this Agreement (the "Closing Balance Sheet"), which Closing
               Balance Sheet must be reasonably acceptable to Buyer. Upon
               request, the Sellers shall provide to the Buyer and its,
               representatives, accountants, and advisors with access to copies
               of all work papers and other relevant documents to verify the
               entries contained in the Closing Balance Sheet. The Closing
               Balance Sheet must include a calculation of (a) Net Working
               Capital (defined as the Company's current assets, excluding
               obsolete and slow moving items of Inventory, minus (i) proceeds
               from the Company's sale of assets listed on its June 30, 1999
               balance sheet (other than items of Inventory sold in the ordinary
               course of business) and (ii) the Company's current liabilities,
               excluding short-term debt and the current portion of long-term
               debt) in the amount of $400,492.00 and (b) Total Debt (as defined
               in Section 2.2.1 above). The form of Closing Balance Sheet,
               prepared by Arthur Andersen LLP, for use by Sellers is attached
               to this Agreement as Exhibit 2.3.1.

                                     EX-140
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                      2.3.2. In the event the preliminary determination of Net
               Working Capital as set forth on the Closing Balance Sheet is
               greater (applying GAAP) than $400,492.00, the amount in excess
               will be paid at Closing by wire transfer by Buyer to Sellers in
               the percentages set forth in Section 2.2.2. On the other hand, if
               the preliminary determination of Net Working Capital as set forth
               in the Closing Balance Sheet is less (applying GAAP) than
               $400,492.00, then the Purchase Price shall be reduced by the Net
               Working Capital excess amount.

                      2.3.3. On or before 60 days after the Closing Date, the
               Company shall cause the accounting firm of Arthur Andersen LLP to
               audit the Closing Balance Sheet in accordance with GAAP, and
               deliver the audited Closing Balance Sheet (the "Audited Closing
               Balance Sheet") to Buyer and Sellers in order to determine the
               "Adjustment Amounts" (as defined below in Section 2.3.4.). Upon
               reasonable notice and during reasonable business hours, Buyer
               agrees that the Company shall allow Sellers and Sellers'
               Accountant access to the persons involved in the preparation of
               the Audited Closing Balance Sheet and to all of their work-papers
               so as to permit Sellers and Sellers' Accountant to make copies of
               such work-papers supporting the amounts included in the Audited
               Closing Balance Sheet and to reasonably review the accounting
               procedures, tests, methods and approaches utilized by Arthur
               Andersen LLP.

                      2.3.4. On or before the 55th day following delivery of the
               Audited Closing Balance Sheet pursuant to Section 2.3.3., Sellers
               shall notify Buyer in writing of any objections to the Audited
               Closing Balance Sheet (and the determination of the Adjustment
               Amounts) as not complying with the requirements of Section
               2.3.2.3., specifying in reasonable detail any such objections (a
               "Dispute Notice"). If (i) Sellers do not deliver a Dispute Notice
               within the time period specified above for delivery of a Dispute
               Notice (the "Notice Period"), or (ii) prior to the expiration of
               the Notice Period, Sellers indicate in writing to Buyer that
               Sellers relinquish their right to object to the Audited Closing
               Balance Sheet, or (iii) Buyer and Sellers agree on the resolution
               of all such objections or changes at any time subsequent to the
               expiration of the Notice Period, the Audited Closing Balance
               Sheet, with any such changes as are agreed upon, shall be final
               and binding on the parties hereto. If Sellers and Buyer are
               unable to resolve the matters addressed in any Dispute Notice,
               each party shall within fourteen (14) business days after the
               delivery of such Dispute Notice, summarize its position with
               regard to such dispute in a written document of ten pages or less
               and submit such summaries to the Houston, Texas office of,
               PriceWaterhouseCoopers, LLP, or such other party as the parties
               may mutually select (the "Accounting Arbitrator"), together with
               the Dispute Notice and any other documentation either party may
               desire to submit. The Accounting Arbitrator shall render a
               decision regarding such dispute in accordance with this
               Agreement, based on the materials described above and based upon
               the books and records of the Company within twenty business days
               of the submission of such materials. Any decision rendered by the
               Accounting Arbitrator pursuant hereto shall be final and binding
               between the parties for the purpose of determining the Adjustment
               Amounts under this Section 2.3. Within ten days after the final
               determination of the Audited Closing Balance Sheet pursuant to
               this

                                     EX-141
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               Section 2.3.4., the following adjustments to the Purchase
               Price shall occur: (i) to the extent that the Net Working Capital
               balance on the Audited Closing Balance Sheet (applying GAAP) is
               different from the Net Working Capital balance set forth on the
               Closing Balance Sheet, then (a) any excess amount shall be paid
               by Buyer to Sellers or (b) any shortfall or deficiency amount
               shall be paid by Sellers to Buyer; and (ii) to the extent that
               the Total Debt amount set forth on the Audited Closing Balance
               Sheet (applying GAAP) is different from the Total Debt amount set
               forth on the Closing Balance Sheet, then (x) the amount of any
               decrease shall be paid by Buyer to Sellers or (y) the amount of
               any increase shall be paid by Sellers to Buyer. Notwithstanding
               the foregoing, no adjustment shall occur on account of a change
               in Total Debt to the extent such change has been compensated
               through the Net Working Capital adjustment. Payments under this
               Section 2.3.4. shall be in immediately available funds by wire
               transfer, and all such payments to Sellers shall be in the
               percentages set forth in Section 2.2.2. above. If Sellers fail to
               make any payment to Buyer required by this Section 2.3.4., then
               Buyer is authorized but not required to apply any or all of the
               Escrow Amount to such payment. The term "Adjustment Amounts" as
               used in this Section 2.3. shall mean any payments, as adjusted,
               and/or reductions to the Purchase Price made by Buyer to Sellers
               or by Sellers to Buyer pursuant to Sections 2.3.2. and 2.3.4. of
               this Agreement.

     3.   REPRESENTATIONS AND WARRANTIES OF SELLERS.

          Sellers jointly and severally, and insolido, except as provided
     in Section 6.8. below, represent and warrant to Buyer that:

          3.1. ORGANIZATION AND GOOD STANDING.

               Each of the Company and the Subsidiaries (as defined in Section
          3.6.5.) is duly organized, validly existing and in good standing under
          the laws of the jurisdiction in which it was formed, with full power
          to carry on its business as it is now and has since its organization
          been conducted, and to own, lease or operate its assets. Either the
          Company or one of the Subsidiaries is duly authorized to do business
          and is in good standing in such other jurisdictions in which the
          failure to so qualify could have a material and adverse effect on the
          results of operations, properties, assets, condition (financial or
          otherwise), or prospects of the Company (a "Material Adverse Effect").
          Schedule 3.1. is a listing of the Louisiana parishes in which the
          Company does business and the Louisiana parishes adjacent to offshore
          waters in which the Company does business.

          3.2. AUTHORIZATION OF AGREEMENT.

               Sellers have all requisite power and authority to enter into this
          Agreement and to consummate the transactions contemplated hereby. This
          Agreement and all other agreements and instruments to be executed by
          Sellers or their affiliates in connection herewith have been duly
          executed and delivered by Sellers or their affiliates, have been
          effectively authorized by all necessary action, corporate or
          otherwise, and constitute legal, valid and binding obligations of
          Sellers or their affiliates, as the case may be.

          3.3. OWNERSHIP OF SHARES.

               The Shares are owned beneficially and of record by Sellers, and
          are being transferred to Buyer free and clear of all liens, mortgages,
          charges, option rights, pledges,

                                     EX-142
<PAGE>

          security interests, restrictions, prior assignments, encumbrances and
          claims of any kind or nature whatsoever. No Shares are subject to any
          restriction with respect to their transferability (other than
          restrictions on transfer under applicable Federal and state securities
          laws).

          3.4. CAPITALIZATION.

               The authorized capital stock of the Company consists solely of
          100 shares of common stock, no par value, of which 100 shares are
          issued and outstanding and which are owned by Sellers in the
          percentages set forth in Section 2.2.1. All of the Shares have been
          duly authorized, validly issued (free of all past, present and future
          preemptive rights), and are fully paid and non-assessable. There are
          no outstanding or authorized options, warrants, subscriptions, calls,
          puts, conversion or other rights, contracts, agreements, commitments
          or understandings of any kind obligating the Company to issue, sell,
          purchase, return, redeem or pay any distribution or dividend with
          respect to any shares of capital stock of the Company or any other
          securities convertible into, exchangeable for or evidencing the right
          to subscribe for any shares of capital stock of or other ownership
          interest in the Company.

          3.5. FINANCIAL CONDITION.

               3.5.1.

                      Financial Statements. Schedule 3.5 sets forth the
               following financial information of the Company: the balance sheet
               as of June 30, 1999, December 31, 1998, December 31, 1997, and
               December 31, 1996 and the related statements of income for the
               six months ended June 30, 1999 and each of the three years in the
               period ended December 31, 1998 (collectively, the "Financial
               Statements"). The Financial Statements for periods in 1998 and
               1999 were prepared, after adjustments, in accordance with GAAP.

               3.5.2.

                      Absence of Certain Changes. Since June 30, 1999 (the
               "Balance Sheet Date") there has not been (i) any damage,
               destruction or loss, whether or not covered by insurance, which,
               if not covered by insurance, could be a Material Adverse Effect;
               (ii) any sale or transfer of any of the assets of the Company
               except (a) sales in the ordinary course of the business of
               inventory or immaterial amounts of other tangible personal
               property and (b) for the transfers listed on Schedule 3.5.2.;
               (iii) any increase in, or commitment to increase, the
               compensation payable or to become payable to any of the Company's
               employees or any bonus payment (other than as included as an
               accrued liability on the Company's June 30, 1999 Financial
               Statement) or similar arrangement made to or with any of the
               Company's employees other than routine increases made in the
               ordinary course of business not exceeding the greater of five
               percent per annum or Two Thousand Dollars ($2,000) per annum for
               any of them individually; (iv) any adoption of a plan or
               agreement or amendment to any plan or agreement providing any new
               or additional fringe benefits; or (v) any material alteration in
               the manner of keeping the Company's books, accounts or records,
               or in the accounting practices therein reflected. Since the
               Balance Sheet Date, the Company has not (except with the prior
               written consent of Buyer): (a) entered into any material
               transaction not in the ordinary course of business; or

                                     EX-143
<PAGE>

               (b) materially amended, modified, or terminated any material
               Contract (as defined in Section 3.11.1) other than in the
               ordinary course of its business.

                                     EX-144
<PAGE>

          3.6. PROPERTY OF THE COMPANY.

               3.6.1.

                      Real Property. There is listed in Schedule 3.6.1. a
               description of each parcel of real or immovable property owned by
               or leased to the Company, or owned by or leased to Sellers for
               use by the Company. Except as indicated in Schedule 3.6.1.:

                      3.6.1.1.

                                Each of the leases described in Schedule 3.6.1.
                      is a valid and binding obligation of the Company or
                      Sellers, as the case may be, and Sellers do not have any
                      knowledge that any of said leases is not a valid and
                      binding obligation of each of the other parties thereto;

                      3.6.1.2.

                                the Company and Sellers are not, and Sellers do
                      not have any knowledge that any other party to any such
                      lease is, in default with respect to any material term or
                      condition thereof, and Sellers do not have any knowledge
                      that any event has occurred which through the passage of
                      time or the giving of notice, or both, would constitute a
                      default thereunder or would cause the acceleration of any
                      obligation of any party thereto or the creation of a lien
                      or encumbrance upon any asset of the Company;

                      3.6.1.3.

                                All of the buildings, fixtures and other
                      improvements located on the real or immovable property
                      described in Schedule 3.6.1. are in good operating
                      condition and repair, and the Company or Sellers, as the
                      case may be, holds valid and effective certificates of
                      occupancy, underwriters' certificates relating to
                      electrical work, building, safety, fire and health
                      approvals and all other permits and licenses required by
                      applicable law relating to the operation of such real
                      properties and leaseholds. Neither the Company nor Sellers
                      have received notice that the Company's operations at the
                      real or immovable property listed in Schedule 3.6.1. as
                      presently conducted is in violation of any applicable
                      building code, zoning ordinance or other law or
                      regulation;

                      3.6.1.4.

                                Neither the Company nor Sellers, as the case may
                      be, have experienced during the two years preceding the
                      date hereof any material interruption in the delivery of
                      adequate quantities of any utilities (including, without
                      limitation, electricity, natural gas, potable water, water
                      for cooling or similar purposes and fuel oil) or other
                      public services (including, without limitation, sanitary
                      and industrial sewer service) required by the Company
                      during such period.

                                     EX-145
<PAGE>

               3.6.2.

                      Inventory. There is listed in Schedule 3.6.2. a
               description of all inventories of (i) valves, chokes, actuators,
               manifolds, drilling spools, flanges, tees, blowout preventers,
               and miscellaneous pressure control and drilling products; (ii)
               raw material, work in progress, finished goods, containers, tote
               bins, and other packaging material, spare parts, maintenance
               supplies; and (iii) other similar items of the Company (the
               "Inventory"). Also separately listed on Schedule 3.6.2. is a
               description of all items of Inventory that are obsolete and/or
               slow moving for sale or rental purposes. Except for the Inventory
               which is carried as second quality or slow moving material in the
               Company's June 30, 1999 Financial Statement, the Inventory of the
               Company is good and merchantable and is salable in the ordinary
               course of business. The Inventory is carried on the books of the
               Company at the lower of cost or market.

               3.6.3.

                      Other Tangible Personal Property. There is listed in
               Schedule 3.6.3.: (i) a description and the location of each item
               of tangible personal property (other than Inventory) owned by the
               Company or in the possession of the Company having on the date
               hereof a depreciated book value per unit in excess of Five
               Thousand Dollars ($5,000); (ii) an identification of the owner
               of, and any agreement relating to the use of, each item of
               tangible personal property under leases or other similar
               agreements which provide for rental payments at a rate in excess
               of Two Hundred Fifty Dollars ($250) per month; and (iii) an
               identification of the owner of, and any agreement relating to the
               use of, each motor vehicle not owned by the Company, the rights
               to which are to be transferred to Buyer pursuant hereto;

               3.6.4.

                      Intangible Personal Property. There is listed in Schedule
               3.6.4.: an identification of all (i) foreign and United States
               Federal or state patents, patent applications, invention
               disclosures, copyrights, copyright registrations, trademarks,
               trademark registrations, service marks, service mark
               registrations, trade names, trade name registrations and
               applications for any of the foregoing, owned or used by the
               Company; (ii) common law claims to trademarks, service marks and
               tradenames; (iii) claims of copyright that exist although no
               registrations have been issued with respect thereto; and (iv)
               fictitious or assumed business name filings with any state or
               local governmental authority ("intangible personal property").
               Schedule 3.6.4 also sets forth a true and complete list of all
               licenses or similar agreements or arrangements to which the
               Company is a party either as licensee or licensor for each such
               item of intangible personal property. Except as indicated in
               Schedule 3.6.4.:

                      3.6.4.1.

                                There have not been any regulatory actions or
                      other judicial or adversary proceedings involving the
                      Company concerning any of such items of intangible
                      personal property, nor is any such action or proceeding
                      threatened;

                                     EX-146
<PAGE>

                      3.6.4.2.

                                the Company has the right and authority to use
                      said items of intangible personal property in connection
                      with the conduct of its business in the manner presently
                      conducted and, subject to the receipt of those consents
                      listed on Schedule 3.7., to convey such right and
                      authority to Buyer, and such use does not conflict with,
                      infringe upon or violate any patent, trademark,
                      servicemark, trade name, registration or similar rights of
                      any other person, firm or corporation;

                      3.6.4.3.

                                There are no outstanding, or threatened,
                      disputes or disagreements with respect to any licenses or
                      similar agreements or arrangements described in Schedule
                      3.6.4.; and

                      3.6.4.4.

                                The conduct of its business by the Company does
                      not conflict with any patents, trademarks, trade secrets,
                      trade names or similar rights of others.

                                     EX-147
<PAGE>

               3.6.5. SUBSIDIARIES.

                      Set forth on Schedule 3.6.5 is a list of all entities in
               which the Company holds a 5% or greater interest (the
               "Subsidiaries") and the percentage ownership of the Company in
               each such entity. There are no options, warrants, convertible
               debt or other similar instruments entitling anyone to acquire any
               capital stock or other equity interest of any of the
               Subsidiaries.

          3.7. AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS.

               The execution and delivery of this Agreement by Sellers and the
          consummation of the transactions contemplated hereby will not result
          in a breach of any of the terms and provisions of, or constitute a
          default under, or conflict with: (i) any Contract or any other
          material agreement, indenture or other instrument to which Sellers or
          the Company is a party or by which any of them is bound, subject to
          the receipt of those consents listed on Schedule 3.7. which have been
          obtained and provided to Buyer, (ii) the Articles of Incorporation and
          Bylaws of the Company and each of the Subsidiaries, (iii) any
          judgment, decree, order or award of any court, governmental body or
          arbitrator, or (iv) any law, rule or regulation applicable to Sellers
          or the Company.

          3.8. EMPLOYMENT AGREEMENTS; AND EMPLOYEE BENEFITS.

               3.8.1.

                      Except as set forth on Schedule 3.8.1., there are no
               employment, consulting, severance pay, continuation pay,
               termination pay or indemnification agreements or other similar
               agreements of any nature whatsoever (collectively, "Employment
               Agreements") between the Company or a Subsidiary, on the one
               hand, and any current or former stockholder, officer, director,
               employee, consultant, or agent of the Company or a Subsidiary, on
               the other hand, that are currently in effect. Except as set forth
               on Schedule 3.8.1. there are no Employment Agreements or any
               other similar agreements to which the Company or any of its
               Subsidiaries is a party under which the transactions contemplated
               by this Agreement (i) will require any payment by the Company, a
               Subsidiary or Buyer, or any consent or waiver from any
               stockholder, officer, director, employee, consultant or agent of
               the Company, a Subsidiary or Buyer, or (ii) will result in any
               change in the nature of any rights of any stockholder, officer,
               director, employee, consultant or agent of the Company or a
               Subsidiary under any such Employment Agreement or other similar
               agreement.

               3.8.2.

                      Schedule 3.8.2. sets forth Employee Benefit Plans of the
               Company and its Subsidiaries. The Company has made true and
               correct copies of all governing instruments and related
               agreements pertaining to such benefit plans available to Buyer.

               3.8.3.

                      Neither the Company, any Subsidiary nor any of their ERISA
               Affiliates sponsors or has ever sponsored, maintained,
               contributed to, or incurred an obligation to contribute to, any
               Employee Pension Benefit Plan.

                                     EX-148
<PAGE>

               3.8.4.

                      No individual shall accrue or receive additional benefits,
               service or accelerated rights to payments of benefits under any
               Employee Benefit Plan, including the right to receive any
               parachute payment, as defined in Section 280G of the Code, or
               become entitled to severance, termination allowance or similar
               payments as a direct result of the transactions contemplated by
               this Agreement.

               3.8.5.

                      No Employee Benefit Plan has participated in, engaged in
               or been a party to any non-exempt Prohibited Transaction, and
               neither the Company, a Subsidiary nor any of their ERISA
               Affiliates has had asserted against it any claim for taxes under
               Chapter 43 of Subtitle A of the Code and Sections 5,000 of the
               Code , or for penalties under ERISA Section 502(c), (i) or (l),
               with respect to any Employee Benefit Plan nor, to the knowledge
               of the Shareholders, is there a basis for any such claim. No
               officer, director or employee of the Company or a Subsidiary of
               the Company has committed a material breach of any responsibility
               or obligation imposed upon fiduciaries by Title I of ERISA with
               respect to any Employee Benefit Plan.

               3.8.6.

                      Other than routine claims for benefits, there is no claim
               pending or to the knowledge of the Company and Shareholders
               threatened, involving any Employee Benefit Plan by any Person
               against such plan or the Company, any Subsidiary or any ERISA
               Affiliate. There is no pending or to the knowledge of the Company
               and Shareholders threatened proceeding involving any Employee
               Benefit Plan before the IRS, the U.S. Department of Labor or any
               other governmental authority.

               3.8.7.

                      There is no violation of any reporting or disclosure
               requirement imposed by ERISA or the Code with respect to any
               Employee Benefit Plan.

                                     EX-149
<PAGE>

               3.8.8.

                      Each Employee Benefit Plan has at all times prior hereto
               been maintained in all material respects, by its terms and in
               operation, in accordance with ERISA and the Code. The Company,
               each Subsidiary and their ERISA Affiliates have made full and
               timely payment of all amounts required to be contributed under
               the terms of each Employee Benefit Plan and applicable law or
               required to be paid as expenses under such Employee Benefit Plan,
               and the Company, each such Subsidiary and their ERISA Affiliates
               shall continue to do so through the Closing. Each Employer
               Benefit Plan intended to be qualified under Code Section 401(a)
               has received a determination letter to that effect from the
               Internal Revenue Service and no event has occurred and no
               amendment has been made that would adversely affect such
               qualified status.

               3.8.9.

                      With respect to any group health plans maintained by the
               Company, any Subsidiary or their ERISA Affiliates, whether or not
               for the benefit of the Company's or such Subsidiary's employees,
               the Company and its ERISA Affiliate have complied in all material
               respects with the provisions of Part 6 of Title I of ERISA and
               4980B of the Code. Neither the Company nor any Subsidiary is
               obligated to provide health care benefits of any kind to its
               retired employees pursuant to any Employee Benefit Plan,
               including without limitation any group health plan, or pursuant
               to any agreement or understanding.

               3.8.10.

                      The Company has made available to the Buyer a copy of (i)
               the three (3) most recently filed Federal Form 5500 series and
               accountant's opinion, if applicable, for each Employee Benefit
               Plan and all applicable Internal Revenue Service determination
               letters.

               3.8.11.

                      For purposes of this Section 3.8., the following
               definitions shall apply:

                      3.8.11.1.

                                "Benefit Arrangement" means any material benefit
                      arrangement that is not an Employee Benefit Plan,
                      including, without limitation, (i) each employment or
                      consulting agreement, (ii) each arrangement providing for
                      insurance coverage or workers' compensation benefits,
                      (iii) each incentive bonus or deferred bonus arrangement,
                      (iv) each arrangement providing termination allowance,
                      severance or similar benefits, (v) each equity
                      compensation plan, (vi) each deferred compensation plan
                      and (vii) each compensation policy and practice maintained
                      by the Company or any ERISA Affiliate covering the
                      employees, former employees, directors and former
                      directors of the Company, and the beneficiaries of any of
                      them.

                                     EX-150
<PAGE>

                      3.8.11.2.

                                "COBRA" means the Consolidated Omnibus Budget
                      Reconciliation Act of 1985, as amended, as set forth in
                      Section 4980B of the Code and Part 6 of Title I of ERISA.

                      3.8.11.3.

                                "Code" means the Internal Revenue Code of 1986,
                      as amended.

                      3.8.11.4.

                                "Employee Benefit Plan" means any employee
                      benefit plan, as defined in Section 3(3) of ERISA, that is
                      sponsored or contributed to by the Company or any ERISA
                      Affiliate covering employees or former employees of the
                      Company.

                      3.8.11.5.

                                "Employee Pension Benefit Plan" means any
                      employee pension benefit plan, as defined in Section 3(2)
                      of ERISA, that is subject to Title IV of ERISA.

                      3.8.11.6.

                                "ERISA" means the Employee Retirement Income
                      Security Act of 1974, as amended.

                      3.8.11.7.

                                "ERISA Affiliate" of any person means any other
                      person that, together with such person as of the relevant
                      measuring date under ERISA, was or is required to be
                      treated as a single employer under Section 414 of the
                      Code.

                      3.8.11.8.

                                "Prohibited Transaction" means a transaction
                      that is prohibited under Section 4975 of the Code or
                      Section 406 of ERISA and not exempt under Section 4975 of
                      the Code or Section 408 of ERISA, respectively.

                                     EX-151
<PAGE>

          3.9. LABOR AND EMPLOYMENT MATTERS.

               3.9.1.

                      Except as set forth on Schedule 3.9.1., no collective
               bargaining agreement exists that is binding on the Company or any
               Subsidiary and, except as described on Schedule 3.9.1., no
               petition has been filed or proceedings instituted by an employee
               or group of employees with any labor relations board seeking
               recognition of a bargaining representative. Schedule 3.9.1.
               describes any organizational effort currently being made or
               threatened by or on behalf of any labor union to organize any
               employees of the Company or any Subsidiary.

               3.9.2.

                      Except as set forth on Schedule 3.9.2., (i) there is not
               now, and to the Shareholders' knowledge, never has been, any
               labor strike, dispute, slow down or stoppage pending or, to the
               Shareholders' knowledge, threatened, against or directly
               affecting the Company or any Subsidiary, (ii) no grievance or
               arbitration proceeding arising out of or under any collective
               bargaining agreement is pending, and no claims therefor exist;
               and (iii) neither the Company, any Subsidiary nor any Shareholder
               has received any notice or has any knowledge of any threatened
               labor or civil rights dispute, controversy or grievance or any
               other unfair labor practice proceeding or breach of contract
               claim or action with respect to claims of, or obligations to, any
               employee or group of employees of the Company or any Subsidiary.

               3.9.3.

                      If required under the Workers Adjustment and Retraining
               Notification Act or other applicable state law regulating plant
               closing or mass layoffs, the Company and its Subsidiaries have
               timely caused there to be filed or distributed, as appropriate,
               all required filings and notices with respect to employment
               losses occurring through the Closing Date.

               3.9.4.

                      The Company and its Subsidiaries have complied and are
               currently complying, in respect of all employees of the Company
               and its Subsidiaries with all applicable laws respecting
               employment and employment practices and the protection of the
               health and safety of employees, from whatever source such law may
               be derived, including, without limitation, statutes, ordinances,
               laws, rules, regulations, policies, standards, judicial or
               administrative precedents, judgments, orders, decrees, awards,
               citations, licenses, official interpretations and guidelines ,
               except for such instances which are not, in the aggregate,
               material.

               3.9.5.

                      All individuals who are performing or have performed
               services for the Company, any Subsidiary and are or were
               classified by the Company or any Subsidiary as "independent
               contractors" qualify for such classification under Section 530 of
               the Revenue Act of 1978 or Section 1706 of the Tax Reform Act of
               1986, as applicable, except for such instances which are not, in
               the aggregate, material.

                                     EX-152
<PAGE>

                      3.9.6. The Company and its Subsidiaries have substantially
               complied and are currently complying with the Americans With
               Disabilities Act, 42 U.S.C.ss.12101, et seq., and all applicable
               state laws prohibiting discrimination against qualified
               individuals with disabilities and requiring access
               accommodations.

          3.10. LITIGATION.

               3.10.1.

                      Except for (i) claims listed in Schedule 3.10. and (ii)
               claims for the collection of accounts arising out of the sale or
               purchase of goods or services in the ordinary course of business
               involving less than $10,000 individually or $50,000 in the
               aggregate, there are no claims, disputes, actions, proceedings or
               investigations of any nature pending or, to the knowledge of
               Sellers, threatened against the Company, or any of the officers,
               partners, shareholders, affiliates or employees of the Company.

               3.10.2.

                      No claim, action, suit, investigation, or other proceeding
               is pending or threatened before any court or governmental agency
               which presents a risk of the restraint or prohibition of the
               transactions contemplated by this Agreement or the obtaining of
               indemnification or other relief in connection therewith.

          3.11. CONTRACTS.

               3.11.1.

                      Schedule 3.11. sets forth a true and correct list of each
               contract to which the Company is a party, including but not
               limited to any and all master service contracts, or to which any
               Seller is a party and which relates to the business of the
               Company ("Contracts"), except:

                      3.11.1.1.

                                Agreements for the purchase by the Company of
                      goods, materials or services in the ordinary course of
                      business involving less than $10,000 in consideration in
                      each such case;

                      3.11.1.2.

                                Agreements for the sale, rental or service by
                      the Company of goods or services in the ordinary course of
                      business in which the payment to be received pursuant to
                      each such agreement is less than $10,000 for each such
                      non-listed agreement;

                      3.11.1.3.

                                Agreements which are terminable at will by the
                      Company upon no more than 60 days notice without penalty,
                      default or liability and involving an amount less than
                      $10,000; and

                      3.11.1.4.

                                Agreements continuing for a period of six months
                      or less involving an amount less than $10,000 for each
                      such nonlisted agreement.

               3.11.2.

                      Except as set forth in Schedule 3.11.

                                     EX-153
<PAGE>

                      3.11.2.1.

                                Each Contract is a valid and binding agreement
                      of the Company and, to the knowledge of Sellers, of the
                      other parties thereto, subject to the effect of bankruptcy
                      and creditors' rights generally;

                      3.11.2.2.

                                The Company has fulfilled all material
                      obligations required pursuant to each Contract to have
                      been performed by it or on its part prior to the date
                      hereof, and Sellers believe that, assuming Buyer continues
                      to operate the Company in the same manner as Sellers, the
                      Company will be able to fulfill, when due, all of its
                      obligations under the Contracts which remain to be
                      performed after the date hereof;

                      3.11.2.3.

                                There has not occurred any material default
                      under any Contract on the part of the Company or on the
                      part of the other parties thereto; and there has not
                      occurred any event which with the giving of notice or the
                      lapse of time, or both, would constitute any material
                      default under any of the Contracts; and

                                     EX-154
<PAGE>

                      3.11.2.4.

                                Except as provided in the Contracts, the Company
                      is not, outside the ordinary course of business, under any
                      liability or obligation with respect to the return of
                      inventory or products sold, rented or serviced by it which
                      are in the possession of distributors, wholesalers,
                      retailers or other customers.

                                3.11.2.5. Except as set forth in Schedule 3.11.,
                      the Company has not committed a past breach of any of its
                      master service contracts.

          3.12. REGULATORY APPROVALS.

               All material consents, approvals, authorizations and other
          requirements prescribed by any law, rule or regulation which must be
          obtained or satisfied by the Company or Sellers and which are
          necessary for the execution and delivery by Sellers of this Agreement
          and the documents to be executed and delivered by Sellers in
          connection herewith have been obtained and satisfied.

          3.13. COMPLIANCE WITH LAW.

               The Company has not, and its business as presently conducted does
          not, violate, in any respect any Federal, state, local or foreign
          laws, regulations or orders (including, but not limited to, any of the
          foregoing relating to employment discrimination, occupational safety,
          the Americans With Disabilities Act, environmental protection,
          conservation, or corrupt practices), the enforcement of which would
          have a Material Adverse Effect, and the Company has not received any
          notice of any such violation. Sellers have obtained all permits,
          approvals, and consents of all governmental bodies or agencies
          necessary or appropriate so that consummation of the transactions
          contemplated by this Agreement will be in compliance with applicable
          laws.

          3.14. INDEBTEDNESS FROM EMPLOYEES.

               Except as set forth in Schedule 3.14. no employee of the Company
          are indebted to the Company, except for advances made to any employees
          in the ordinary course of business to meet reimbursable business
          expenses anticipated to be incurred by such employee.

          3.15. ACCOUNTS RECEIVABLE.

               Except as set forth in Schedule 3.15., the accounts, accounts
          receivable, notes and notes receivable of the Company existing on June
          30, 1999 arose out of the sales of inventory or services in the
          ordinary course of business and are collectible in full, net of the
          reserve set forth in the Company's June 30, 1999 Financial Statement
          included

                                     EX-155
<PAGE>

          in Schedule 3.5.1., which reserves are reasonable and were calculated
          consistent with past practices.

          3.16. INSURANCE.

               Schedule 3.16. sets forth a true and correct list of all
          insurance policies either maintained by the Company or maintained by
          any other person which relate to the Company in any manner whatsoever
          at the date hereof. There are no outstanding requirements or
          recommendations by any insurance company that issued any such policy
          or by any Board of Fire Underwriters or other similar body exercising
          similar functions or by any governmental authority exercising similar
          functions which requires or recommends any changes in the conduct of
          the business of, or any repairs or other work to be done on or with
          respect to any of the properties or assets of, the Company. The
          Company has not received any notice or other communication from any
          such insurance company within the three (3) years preceding the date
          hereof canceling or materially amending or materially increasing the
          annual or other premiums payable under any of said insurance policies,
          and no such cancellation, amendment or increase of premiums is
          threatened.

          3.17. POWERS OF ATTORNEY AND SURETYSHIPS.

               The Company has no general or special powers of attorney
          outstanding (whether as grantor or grantee thereof) and has no
          obligation or liability (whether actual, accrued, accruing, contingent
          or otherwise) as guarantor, surety, co-signer, endorser, co-maker,
          indemnitor or otherwise in respect of the obligation of any person,
          corporation, partnership, joint venture, association, organization or
          other entity, except as endorser or maker of checks or letters of
          credit, respectively, endorsed or made in the ordinary course of
          business.

          3.18. NO UNDISCLOSED LIABILITIES.

               Except as and to the extent specifically reflected or reserved
          against in the Company's June 30, 1999 Financial Statement or
          otherwise disclosed herein, the Company has no liabilities or
          obligations of any nature, whether absolute, accrued, contingent or
          otherwise, and whether due or to become due (including, without
          limitation, any liability for taxes and interest, penalties and other
          charges payable with respect to any such liability or obligation) in
          accordance with GAAP which in the aggregate would constitute a
          Material Adverse Effect.

          3.19. ENVIRONMENTAL MATTERS.

               As of the date hereof, (a) the Company has generated, utilized,
          stored, delivered for disposal, disposed of, treated, transported, and
          otherwise managed all materials, substances, and wastes, whether
          toxic, hazardous or otherwise, in compliance with all laws, rules,
          regulations, ordinances, guidelines, and the common law, except to the
          extent any such failure would not have a Material Adverse Effect; (b)
          the real or immovable property owned, leased, or operated by either
          (i) Sellers relating to the Company, or (ii) the Company is not listed
          on the National Priorities List, CERCLIS, RCRIS, or any comparable
          state listing which identifies sites for removal, remedial, clean-up
          or investigatory actions; (c) no amounts, which require remediation or
          reporting under applicable law, of asbestos, PCB's, ureaformaldehyde,
          hazardous and solid wastes, hazardous or toxic substances, petroleum
          products, pollutants or contaminates, and no

                                     EX-156
<PAGE>

          above or underground storage tanks, have become located on the real or
          immovable property owned, leased, or currently operated by the
          Company, except to the extent the existence or remediation of such
          substances would not result in a Material Adverse Effect; and (d) the
          real or immovable property owned, leased, or operated by the Company
          has not been contaminated, tainted or polluted in any manner
          whatsoever (including, without limitation, any contamination of or
          injury or damage to soils, groundwater waters, biota, and wildlife
          located on, in, under or originating from such premises) with
          pollutants, contaminants or other substances or materials so as to
          give rise to a removal, remediation, clean-up, or investigatory
          obligation or action, and Sellers do not now have knowledge of any
          removal, remediation, investigatory or clean-up obligation or action
          which the Company has with respect thereto under any law, rule,
          regulation, guideline, ordinance, whether domestic or foreign,
          Federal, state, or local, or the common law, except to the extent any
          failure to comply with any such obligation would not result in a
          Material Adverse Effect.

          3.20. CONFLICT OF INTEREST.

               Except as disclosed in Schedule 3.20., no officer, director or
          shareholders of the Company or any affiliate of any such person now
          has or within the last three (3) years had, either directly or
          indirectly:

               3.20.1.

                      any equity or debt interest in any corporation,
               partnership, joint venture, association, organization or other
               person or entity which furnishes or sells or during such period
               furnished or sold services or products to the Company, or
               purchases or during such period purchased from the Company any
               goods or services, or otherwise does or during such period did
               business with the Company; or

               3.20.2.

                      a beneficial interest in any contract, commitment or
               agreement, formal or informal, to which the Company is or was a
               party or under which it was obligated or bound or to which its
               properties may be or may have been subject, other than stock
               options and other contracts, commitments or agreements between
               the Company and such persons in their capacities as employees,
               officers or directors of the Company.

                                     EX-157
<PAGE>

               3.20.3.

                      loaned money to or borrowed money from the Company.

          3.21. TAXES.

               3.21.1.

                      For purposes of this Agreement: (i) the term "Taxes" means
               (A) all Federal, state, local, foreign and other net income,
               gross income, gross receipts, sales, use, ad valorem, value
               added, intangible, unitary, capital gain, transfer, franchise,
               profits, license, lease, service, service use, withholding,
               backup withholding, payroll, employment, estimated, excise,
               severance, stamp, occupation, premium, property, prohibited
               transactions, windfall or excess profits, customs, duties or
               other taxes, fees, assessments or charges of any kind whatsoever,
               together with any interest and any penalties, additions to tax or
               additional amounts with respect thereto, (B) any liability for
               payment of amounts described in clause (A) whether as a result of
               transferee liability, of being a member of an affiliated,
               consolidated, combined, unitary or other similar group for any
               period, or otherwise through operation of law and (C) any
               liability for the payment of amounts described in clauses (A) or
               (B) as a result of any tax sharing, tax indemnity or tax
               allocation agreement or any other express or implied agreement to
               indemnify any other Person; and the term "Tax" means any one of
               the foregoing Taxes; and (ii) the term "Returns" means all
               returns, declarations, reports, statements and other documents
               required to be filed in respect of Taxes; and the term "Return"
               means any one of the foregoing Returns.

               3.21.2.

                      Schedule 3.21.2. sets forth: (i) the taxable years of the
               Company and Tax Affiliates (as defined in Section 3.21.3.) as to
               which the respective statutes of limitations on the assessment of
               United States Federal income and any applicable state, local or
               foreign income or franchise Taxes have not expired, and (ii) with
               respect to such taxable years sets forth those years for which
               examinations by the IRS or the state, local or foreign taxing
               authority have been completed, those years for which examinations
               by such agencies are presently being conducted, those years for
               which notice of pending or threatened examination or adjustment
               has been received, those years for which examinations by such
               agencies have not been initiated, and those years for which
               required Returns for such Taxes have not yet been filed. Except
               to the extent indicated in Schedule 3.21.2., all deficiencies
               asserted or assessments made as a result of any examinations by
               the IRS or state, local or foreign Tax authority have been fully
               paid, or are fully reflected as a liability in the Company's June
               30, 1999 Financial Statement, or are fully described in Schedule
               3.21.2., are being contested in good faith and an adequate
               reserve therefor has been established and is fully reflected in
               the Company's June 30, 1999 Financial Statement to the extent
               required by GAAP. Except as described in Schedule 3.21.2., there
               are no Returns that are presently under examination with respect
               to Taxes, there are no proposed (whether oral or written) or
               final adjustments, assessments or deficiencies with respect to
               Taxes currently

                                     EX-158
<PAGE>

               pending, and there are no outstanding notices of proposed or
               actual audit, examination or investigation with respect to Taxes.

               3.21.3.

                      Sellers represent and warrant to Buyer that, except as
               described in Schedule 3.21.3.:

                      3.21.3.1.

                                the Company, and every other person for whose
                      Taxes the Company is or could be held liable (whether by
                      reason of being a member of a consolidated, combined,
                      unitary, or other similar group for Tax purposes, by
                      reason of being a successor, by agreement or otherwise
                      (for the taxable period(s) or portions thereof with
                      respect to which the Company is or could be held for such
                      other Person's Taxes) (all such persons collectively
                      referred to herein as "Tax Affiliates"), have filed on a
                      timely basis all Returns required to have been filed by it
                      and have paid on a timely basis all Taxes shown thereon as
                      due. All such Returns are true, complete and correct in
                      all material respects. The provisions for Taxes in the
                      Company's June 30, 1999 Financial Statement sets forth the
                      maximum liability of the Company and Tax Affiliates for
                      Taxes as of the date thereof. No liability for Taxes has
                      been incurred by the Company or any Tax Affiliate since
                      June 30, 1999 other than in the ordinary course of their
                      business. No director, officer or employee of the Company
                      or any Tax Affiliate having responsibility for Tax matters
                      is in discussions with Tax authorities or has reason to
                      believe that any Tax authority has valid grounds to claim
                      or assess any additional Tax with respect to the Company
                      or any Tax Affiliate in excess of the amounts shown on the
                      Company's June 30, 1999 Financial Statement for the period
                      ending on such date;

                      3.21.3.2.

                                with respect to all amounts in respect of Taxes
                      imposed upon the Company or Tax Affiliates, or for which
                      the Company is or could be liable, whether to taxing
                      authorities (as, for example, under law) or to other
                      persons or entities (as, for example, under tax allocation
                      agreements), and with respect to all taxable periods or
                      portions of periods ending on or before the Closing, all
                      applicable Tax laws and agreements have been fully
                      complied with in all material respects, and all such
                      amounts required to be paid by the Company and Tax
                      Affiliates to Tax authorities or others have been paid;

                      3.21.3.3.

                                none of the Returns required to be filed by the
                      Company or any Tax Affiliate contains, or were required to
                      contain (in order to avoid the imposition of a penalty), a
                      disclosure statement under Section 6662 (or any
                      predecessor provision) of the Code, or any similar
                      provision of state, local or foreign law;

                                     EX-159
<PAGE>

                      3.21.3.4.

                                all amounts that were required to be collected
                      or withheld by the Company or any Tax Affiliate have been
                      duly collected or withheld in all material respects, and
                      all such amounts that were required to be remitted to any
                      Tax authority have been duly remitted in all material
                      respects;

                      3.21.3.5.

                                the Company and Tax Affiliates have not
                      requested an extension of time to file any Return not yet
                      filed, and have not granted any waiver of any statute of
                      limitations with respect to, or any extension of a period
                      for the assessment of, any Tax. No power of attorney
                      granted by the Company or any Tax Affiliate with respect
                      to Taxes is in force;

                      3.21.3.6.

                                Sellers, the Company and Tax Affiliates have not
                      taken any action not in accordance with past practice that
                      would have the effect of deferring any material Tax
                      liability of the Company or any Tax Affiliate from any
                      taxable period or portion thereof ending on or before or
                      including the Closing to any subsequent taxable period;

                      3.21.3.7.

                                Schedule 3.21.3.7. sets forth all Tax Affiliates
                      during all periods with respect to which the applicable
                      statue of limitations on the assessment of Taxes remains
                      open;

                      3.21.3.8.

                                there are no actual or deemed elections under
                      Section 338 of the Code, protective carryover basis
                      elections, offset prohibition elections or similar
                      elections applicable to the Company or any Tax Affiliate;

                      3.21.3.9.

                                neither the Company nor any Tax Affiliate is
                      required to include in income any adjustment pursuant to
                      Sections 481 or 263A of the Code (or similar provisions of
                      other law or regulations) by reason of a change in
                      accounting method or otherwise, following the Closing, and
                      Sellers have no knowledge that the IRS (or other Tax
                      authority) has proposed, or is considering, any such
                      change in accounting method or other adjustment;

                      3.21.3.10.

                                there are no liens for Taxes (other than for
                      current Taxes not yet due and payable) upon the assets of
                      the Company;

                      3.21.3.11.

                                the Company is not party to any agreement,
                      contract, arrangement or plan that has resulted or would
                      result, separately or in the aggregate, in the payment of
                      any "excess parachute payments" within the meaning of
                      Section 280G of the Code, whether by reason of the Closing
                      or otherwise;

                                     EX-160
<PAGE>

                      3.21.3.12.

                                the Company is not, and has not been, a United
                      States real property holding corporation (as defined in
                      Section 897(c)(2) of the Code) during the applicable
                      period specified in Section 897(c)(1)(A)(ii) of the Code
                      (or any corresponding provision of state, local or foreign
                      Tax law);

                      3.21.3.13.

                                neither the Company nor any Tax Affiliate has or
                      has had a permanent establishment in any foreign country,
                      as defined in any applicable Tax treaty or convention
                      between the United States of America and such foreign
                      country and the Company has not engaged in a trade or
                      business within any foreign country;

                      3.21.3.14.

                                neither the Company nor any Tax Affiliate is a
                      party to any joint venture, partnership, or other
                      arrangement or contract which could be treated as a
                      partnership for Federal income tax purposes;

                      3.21.3.15.

                                neither the Company nor any Tax Affiliate is or
                      has been a member of an "affiliated group" as such term is
                      defined in Section 1504 of the Code (and any predecessor
                      provision) of the Code, or any similar group for state,
                      local or foreign Tax purposes;

                                     EX-161
<PAGE>

                      3.21.3.16.

                                neither the Company nor any Tax Affiliate has
                      filed a consent pursuant to the collapsible corporation
                      provisions of Section 341(f) of the Code (or any
                      corresponding provision of state, local or foreign income
                      Tax law) or agreed to have Section 341(f)(2) of the Code
                      (or any corresponding provision of state, local or foreign
                      income Tax law) apply to any disposition of any asset
                      owned by any of them;

                      3.21.3.17.

                                neither the Company nor any Tax Affiliate has
                      participated in an international boycott within the
                      meaning of Section 999 of the Code;

                      3.21.3.18.

                                the Company is not a party to or bound by any
                      Tax sharing agreement, and has no current or contingent
                      contractual obligation to indemnify any other person with
                      respect to Taxes, other than obligations to indemnify a
                      lessor for property Taxes, sales/use Taxes or gross
                      receipts Taxes (but not income or franchise Taxes) imposed
                      on lease payments arising from terms that are customary
                      for leases of similar property;

                      3.21.3.19.

                                the Company is not a party to or bound by any
                      closing agreement or offer in compromise with any Tax
                      authority;

                      3.21.3.20.

                                none of the assets of the Company is property
                      that the Company is required to treat as being owned by
                      any other person pursuant to the so-called "safe harbor
                      lease" provisions of former Section 168(f)(8) of the
                      Internal Revenue Code of 1954, as amended; none of the
                      assets of the Company directly or indirectly secures any
                      debt the interest on which is tax exempt under Section
                      103(a) of the Code; none of the assets of the Company is
                      "tax-exempt use property" within the meaning of Section
                      168(h) of the Code;

                      3.21.3.21.

                                no material election with respect to Taxes of
                      the Company or Tax Affiliates has been made from and after
                      the date of this Agreement;

                                     EX-162
<PAGE>

                      3.21.3.22.

                                Schedule 3.21.3.22. sets forth all Returns with
                      respect to the Company and Tax Affiliates the due dates
                      for which (including any valid extensions thereof) are
                      sixty or fewer days following the Closing, and the Taxes
                      for which estimated or final payments may, based on the
                      current operations of the Company and Tax Affiliates,
                      become due in sixty or fewer days following the Closing;

                      3.21.3.23.

                                Schedule 3.21.3.23. sets forth all state, local
                      or foreign jurisdictions in which the Company is or at any
                      time during the past five years has been subject to Tax;

                      3.21.3.24.

                                the Company has had in effect at all times since
                      June 1, 1987 through the date immediately preceding the
                      date of the Closing a valid election under Section 1361 of
                      the Code (and any predecessor provision and any similar
                      provision of applicable state, local or other Tax law).
                      The Company has not incurred any liability for Taxes
                      pursuant to Section 1374 or 1375 of the Code (and any
                      predecessor provision and any similar provision applicable
                      state, local or other Tax law); and

                      3.21.3.25.

                                all outstanding options to acquire equity of the
                      Company that purport to or were otherwise intended (when
                      issued) to be treated as "incentive stock options"
                      ("ISOs") within the meaning of Section 422 of the Code
                      (and any predecessor provision and any similar provision
                      applicable state, local or other Tax law) were issued in
                      compliance with such section. All such outstanding options
                      currently qualify for treatment as ISOs, and are held by
                      persons who are employees of the Company.

          3.22. LIENS.

               Except as disclosed on Schedule 3.22., none of the properties and
          assets owned, leased, and/or used by the Company or its Subsidiaries
          is subject to any lien, charge, mortgage, pledge, security interest,
          or other encumbrance of any kind. Schedule 3.22. also sets forth a
          description of any indebtedness owed by the Company which is
          guaranteed in writing by any of the Sellers and/or secured by
          collateral granted by any of the Sellers.

                                     EX-163
<PAGE>

          3.23. OTHER INFORMATION.

               The information provided by Sellers to Buyer in this Agreement or
          in the Schedules does not contain any untrue statement of a material
          fact or omit to state a material fact required to be stated herein or
          therein or necessary to make the statements and facts contained herein
          or therein, in light of the circumstances in which they are made, not
          false or misleading. Copies of all documents heretofore delivered or
          made available to Buyer were complete and accurate records of such
          documents in all respects.

          3.24. NO OTHER REPRESENTATIONS.

               Sellers are not making any representation or warranty, express or
          implied, of any nature whatsoever, except as specifically set forth in
          this Agreement and the other documents executed in connection
          herewith.

          3.25. NO KNOWN BREACHES.

               Sellers have no actual knowledge that Buyer's representations and
          warranties in this Agreement are untrue and Sellers shall not be
          entitled to make any indemnity claims pursuant to Section 6. hereof
          with respect to any matters constituting a breach of this Section
          3.25.

     4.   REPRESENTATIONS AND WARRANTIES OF BUYER.

          Buyer represents and warrants to Sellers that:

          4.1. ORGANIZATION.

               Buyer is duly organized, validly existing and in good standing
          under the laws of the State of Delaware and has all requisite
          corporate power and authority to enter into this Agreement and to
          consummate the transactions contemplated hereby.

          4.2. CORPORATE AUTHORITY.

               This Agreement and all other agreements herein contemplated to be
          executed in connection herewith have been duly executed and delivered
          by Buyer, have been effectively authorized by all necessary action,
          corporate or otherwise, and constitute legal, valid and binding
          obligations of Buyer.

          4.3. AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS.

               The execution and delivery of this Agreement, the consummation of
          the transactions contemplated hereby and the fulfillment of the terms
          hereof will not result in a breach of any of the terms or provisions
          of, or constitute a default under, or conflict with, any material
          agreement, indenture or other instrument to which Buyer is a party or
          by which it is bound, Buyer's Certificate of Incorporation or Bylaws,
          any judgment, decree, order or award of any court, governmental body
          or arbitrator, or any law, rule or regulation applicable to Buyer.

          4.4. INVESTMENT INTENT.

               Buyer is acquiring the Shares with the intention as of the date
          hereof of holding the Shares for purposes of investment, and Buyer has
          no intention as of the date hereof of selling the Shares in a public
          distribution in violation of Federal securities laws or any applicable
          state securities laws.

                                     EX-164
<PAGE>

          4.5. REGULATORY AND OTHER APPROVALS.

               All consents, approvals, authorizations and other requirements
          prescribed by any law, rule or regulation, including any third party
          consents, which must be obtained or satisfied by Buyer and which are
          necessary for the execution and delivery of this Agreement and the
          consummation of the transactions contemplated by this Agreement have
          been obtained and satisfied.

          4.6. NO KNOWN BREACHES.

               Buyer has no actual knowledge that Sellers' representations and
          warranties in this Agreement are untrue, and Buyer shall not be able
          to make any indemnity claims pursuant to Section 6. hereof with
          respect to any matters constituting a breach of this Section 4.6.

          4.7. OTHER INFORMATION.

               The information provided by Buyer to Sellers in this Agreement or
          in the Schedules does not contain any untrue statement of a material
          fact or omit to state a material fact required to be stated herein or
          therein or necessary to make the statements and facts contained herein
          or therein, in light of the circumstances in which they are made, not
          false or misleading.

          4.8. NO OTHER REPRESENTATIONS.

               Buyer is not making any representation or warranty, express or
          implied, of any nature whatsoever, except as specifically set forth in
          this Agreement and the other documents executed in connection
          herewith.

                                     EX-165
<PAGE>

     5.   CERTAIN UNDERSTANDINGS AND AGREEMENTS OF THE PARTIES.

          5.1. COOPERATION IN LITIGATION.

               Each party will fully cooperate with the other in the defense or
          prosecution of any litigation or proceeding already instituted or
          which may be instituted hereafter against or by such party relating to
          or arising out of the conduct of the Company prior to or after the
          Closing Date (other than litigation arising out of the transactions
          contemplated by this Agreement). The party requesting such cooperation
          shall pay the out-of-pocket expenses (including legal fees and
          disbursements) of the party providing such cooperation and of its
          officers, directors, employees and agents reasonably incurred in
          connection with providing such cooperation, but shall not be
          responsible to reimburse the party providing such cooperation for such
          party's time spent in such cooperation or the salaries or costs of
          fringe benefits or other similar expenses paid by the party providing
          such cooperation to its officers, directors, employees and agents
          while assisting in the defense or prosecution of any such litigation
          or proceeding.

          5.2. TAX MATTERS.

               5.2.1. PRE-CLOSING RETURNS.

                      Sellers will be responsible for and will cause to be
               prepared and duly filed all Returns in which the Company is
               includable for all taxable periods ending on or before the
               Closing. All such Returns shall be prepared in a manner
               consistent with prior periods. All such Returns filed after the
               Closing shall be submitted to Buyer no later than thirty days
               prior to the due date and filing thereof, and Buyer shall have
               the right to review and comment thereon (without reduction of
               Sellers' obligations to indemnify under this Agreement). Sellers
               will pay or cause to be paid, and shall indemnify and hold Buyer
               and the Company harmless against, all Taxes to which such Returns
               relate; provided, however, that to the extent such Taxes are
               included in and specifically identified on the Audited Closing
               Balance Sheet (as finally determined) or an attachment or
               schedule thereto, Buyer shall reimburse Sellers for such Taxes
               within ten business days following the later of: (i) the receipt
               by Buyer of written evidence of actual payment of such Taxes by
               Sellers or (ii) the date the Audited Closing Balance Sheet
               becomes final and binding.

               5.2.2. OVERLAP PERIOD RETURNS.

                      Other than Returns to be prepared by Sellers pursuant to
               Section 5.2.1., Buyer will prepare or cause to be prepared all
               Returns of the Company for any and all taxable periods which
               include and end after the Closing (the "Overlap Period"), and any
               taxable period beginning after the Closing. Sellers will be
               responsible for and will indemnify and hold harmless Buyer, and
               the Company with respect to all Taxes for the Overlap Period in
               an amount equal to the liability for Taxes that would have
               resulted had the Overlap Period ended at the Closing (utilizing,
               if applicable, the actual tax rate imposed on a particular
               category of income by the applicable taxing jurisdiction), except
               to the extent such Taxes are included in and specifically
               identified on the Audited Closing Balance Sheet (as finally
               determined) or an attachment or schedule thereto. Any amount so
               payable by Sellers will be remitted to Buyer at least ten
               business days prior to the due date of the respective Returns
               pursuant to written notice by the Buyer of such due date;

                                     EX-166
<PAGE>

               provided that Sellers approve of the amount (such approval not to
               be unreasonably withheld).

               5.2.3. AMENDED RETURNS.

                      From and after the date hereof, Sellers and their
               affiliates shall not file or cause to be filed any amended Return
               with respect to the Company, and Sellers and their affiliates
               shall not file a claim for refund of Taxes paid by or on behalf
               of the Company.

               5.2.4. MATERIAL ELECTIONS.

                      Neither Sellers nor the Company shall make any material
               election with respect to Taxes of the Company or any Tax
               Affiliate following the date hereof without the prior written
               approval of Buyer (such approval not to be unreasonably
               withheld).

               5.2.5. TAX INFORMATION.

                      After the Closing, Sellers, on the one hand, and Buyer and
               the Company, on the other hand, will make available to the other,
               as reasonably requested, all information, records or documents
               relating to liabilities for Taxes for all periods prior to or
               including the Closing and will preserve such information, records
               or documents until the expiration of any applicable statute of
               limitations or extensions thereof.

               5.2.6. TAX SHARING AGREEMENTS.

                      Any and all tax sharing, tax indemnity, or tax allocation
               agreements with respect to which the Company was a party at any
               time prior to the Closing shall terminate upon the Closing. No
               further amounts shall be payable by the Company under such
               agreements following the Closing.

                      5.2.7. CERTAIN TAXES. All sales, value added, use,
               transfer, registration, stamp and similar Taxes imposed in
               connection with the sale of the Shares shall be borne by Sellers.

                      5.2.8 SECTION 338(H)(10) ELECTIONS. Within 30 days after
               the Closing Date, the Sellers shall deliver all information
               reasonably requested by Buyer regarding the tax attributes of (i)
               the Sellers or (ii) the Company (to the extent such information
               regarding the Company is in the possession of the Sellers) in
               order to allow Buyer to determine whether to make any Section 338
               (h)(10) Elections (as defined below) with respect to the
               acquisition of the Shares pursuant to this Agreement. With
               respect to the acquisition of the Shares, Buyer may give written
               notice to the Sellers within 150 days after the Closing Date of
               its intention to require the making of an election under Section
               338(h)(10) of the Code (such Section 338(h)(10) elections and any
               available elections under any similar state, local or foreign law
               which Buyer specifies in its notice are collectively referred to
               as "Section 338(h)(10) Elections"), with respect to the Company.
               Such written notice, if any, shall specify any similar state,
               local or foreign elections to be made with respect to the
               acquisition of the Shares. In that event, the Sellers, on the one
               hand, and Buyer, on the other hand, shall (i) report the purchase
               of the Shares under this Agreement consistent with any Section
               338(h)(10) Elections, (ii) take no position contrary thereto in
               any Tax Return, any proceeding before any taxing authority or
               otherwise, and (iii) cooperate with each other to take all other
               actions

                                     EX-167
<PAGE>

               necessary and appropriate to effect and preserve timely Section
               338(h)(10) Elections.

                      Buyer shall be responsible for, and shall pay all expenses
               associated with, the preparation and filing of all forms related
               to or required by any Section 338(h)(10) Election (including
               forms related to any similar state, local or foreign elections)
               ("Section 338 Forms"), and Buyer shall deliver such Section 338
               Forms to the Sellers within 180 days after the Closing Date. The
               Sellers shall (A) cooperate with Buyer in preparing all Section
               338 Forms; (B) deliver to Buyer all information required to
               complete such forms and comply with Sellers' obligations under
               the Section 5.14; and (C) execute and deliver all Section 338
               Forms to Buyer within 30 days after receipt thereof.

                      In the event of each Section 338(h)(10) Election, Buyer
               and the Sellers agree that Buyer shall determine the amount of
               the Modified Aggregate Deemed Sale Price ("MADSP"), as defined
               under the Treasury Regulations applicable to a Section 338(h)(10)
               Election, and the allocation of such MADSP among the assets
               subject to a Section 338(h)(10) Election. Such allocation of the
               MADSP shall be made in accordance with the Code and any
               applicable Treasury Regulations. The Sellers, on the one hand,
               and the Buyer, on the other hand, shall (i) be bound by such
               allocation for purposes of determining any Taxes, (ii) prepare
               and file all Tax Returns to be filed with any taxing authority in
               a manner consistent with such allocation, and (iii) take no
               position inconsistent with such allocation in any Tax Return, any
               proceeding before any taxing authority or otherwise. In the event
               that such allocation is disputed by any taxing authority, the
               party receiving notice of such dispute shall promptly notify the
               other parties concerning resolution of such dispute. To the
               extent that the Purchase Price is adjusted by reason of any
               payment under this Agreement or otherwise, (i) the MADSP shall be
               adjusted to reflect such change, (ii) the provisions of this
               Section 5.2.8. shall be followed in redetermining the allocation
               of the MADSP, and (iii) the parties to this Agreement will, to
               the extent required by law, file amended Tax Returns consistent
               with such revised allocation.

          5.3. CONFIDENTIALITY AGREEMENTS.

                      5.3.1. At the Closing, Buyer shall enter into
               confidentiality agreements with the employees and/or shareholders
               of the Company listed in Schedule 5.3.1., in substantially the
               form attached hereto as Exhibit 5.3.1.; provided, however, it is
               agreed and understood that the Sellers who own less than a 2%
               interest in the Company are not required to execute the said
               confidentiality agreement.

     6.   INDEMNIFICATION.

          6.1. INDEMNIFICATION BY SELLERS.

               Sellers shall indemnify and hold harmless Buyer, the Company, and
          their respective officers (including without limitation Michael L.
          Stansberry and Michael T. Mino), employees, agents, attorneys
          (including without limitation Liskow & Lewis and Gibson, Dunn &
          Crutcher, L.L.P. and their respective shareholders, partners,
          associates and other employees) and shareholders (collectively, the
          "Buyer Group") in respect of any and all claims, losses, damages,
          liabilities and expenses (including, without

                                     EX-168
<PAGE>

          limitation, settlement costs and any reasonable legal, accounting and
          other expenses for investigating or defending any actions or
          threatened actions) incurred (collectively, "Losses") by the Buyer
          Group, together with interest on cash disbursements in connection
          therewith at the base rate for prime commercial lenders of Buyer's
          primary bank as announced from time to time, plus 1 percent per annum
          (the "Reference Rate") from 60 days after the date such Losses were
          incurred by the Buyer Group until paid by Sellers, in connection with
          each and all of the following:

               6.1.1.

                      any material breach of any representation or warranty made
               by Sellers in this Agreement;

               6.1.2.

                      the material breach of any covenant, agreement or
               obligation of Sellers contained in this Agreement or any other
               instrument delivered at the Closing;

               6.1.3.

                      any material misrepresentation contained in any Schedule,
               certificate or other documents furnished by Sellers pursuant to
               this Agreement;

                                     EX-169
<PAGE>

               6.1.4.

                      the failure to pay when due any and all liabilities for
               Taxes (as defined in Section 3.21.1.) that (i) accrued with
               respect to any taxable periods of the Company ending on or before
               the Closing Date, (ii) accrued with respect to the assets,
               operations or business of the Company during all periods up to
               and including the Closing whether or not such periods are taxable
               periods, or (iii) are incurred and become payable by the Company
               or Buyer as a result of the transactions contemplated by this
               Agreement;

               6.1.5.

                      any material claim, demand or cause of action asserted or
               brought by any person for breach of warranty, or similar claims
               in connection with sales of products sold or leased by the
               Company at any time prior to the Closing Date or which comprised
               any part of the Inventory existing on the Closing Date and which
               was sold by Buyer within 90 days after the Closing Date;

               6.1.6.

                      any material claim, demand or cause of action asserted or
               brought by any person for physical injury to, death of, or
               property damage suffered by such person or any other person which
               was approximately caused by any products sold or leased by the
               Company at any time prior to the Closing Date;

               6.1.7.

                      the material violation of any Federal, state, local or
               foreign laws, regulations, orders, requirements or ordinances,
               including those dealing with environmental matters, prior to the
               Closing Date by Sellers, the Company or any of their affiliates,
               agents or assigns; and

               6.1.8.

                      (a) conditions existing at, or caused by events prior to
               the Closing Date which are violations of any Federal, state or
               local environmental statute, regulation, requirement or ordinance
               prior to the Closing Date with respect to the Company or any of
               its assets, and (b) any other environmental conditions in
               existence as of the Closing Date on the real or immovable
               property owned, leased or used by the Company, whether or not
               described in Schedule 3.6.1(a) and (b) being collectively
               referred to herein as "Environmental Conditions"), which as of
               the Closing, or will in the future as a result of the operation
               of the Company prior to Closing, require remediation, removal, or
               other corrective actions, including without limitation the
               Environmental Conditions listed in Schedule 6.1.8. With respect
               to each and every Environmental Condition, Sellers' obligation to
               indemnify the Buyer Group from any Losses shall include but not
               be limited to: (i) fines, penalties, assessments and judgments
               (whether related to current or past activities); (ii) costs
               associated with obtaining any necessary permits, certificates or
               other governmental approval or complying with environmental
               reporting or record keeping requirements, including (A)
               remediation costs, (B) removal costs, (C) costs of implementing
               monitoring equipment which are necessary to obtain such permits,
               certificates or approvals, and (D) late fees and filing fees; and

                                     EX-170
<PAGE>

               (iii) any costs which Buyer deems reasonably necessary in
               connection with the foregoing, including without limitation costs
               of environmental audits, surveys, reports, waste
               characterizations, monitoring wells, soil borings, tests and
               samples, provided that such costs incurred by Buyer pursuant to
               this Section 6.1.8. must be approved by Sellers in advance, which
               consent will be timely given and not unreasonably withheld,
               collectively, "Environmental Costs").

          6.2. INDEMNIFICATION BY BUYER.

               Buyer shall indemnify and hold harmless Sellers and their
          respective officers, employees, agents, and shareholders, if any
          (collectively, the "Seller Group"), in respect of any and all Losses
          (as defined above) reasonably incurred by Sellers, together with
          interest on cash disbursements in connection therewith at the
          Reference Rate from 60 days after the date that such Losses were
          incurred by the Seller Group until paid by Buyer, in connection with
          each and all of the following:

               6.2.1.

                      any material breach of any representation or warranty made
               by Buyer in this Agreement.

               6.2.2.

                      the material breach of any covenant, agreement or
               obligation of Buyer contained in this Agreement or any other
               instrument delivered at the Closing;

               6.2.3.

                      any material misrepresentation contained in any Schedule,
               certificate or any other document furnished by Buyer pursuant to
               this Agreement;

               6.2.4.

                      the operation of the Company after the Closing Date;

               6.2.5.

                      any material claim, demand or cause of action (including
               warranty claims and claims relating to physical injury, death or
               property damage) relating to or

               approximately caused by either (i) products manufactured by the
               Company after the Closing Date or (ii) any products sold or
               leased by the Company more than 90 days after the Closing Date;

               6.2.6.

                      the material violation of any Federal, state, local or
               foreign laws, regulations, orders, requirements or ordinances,
               including those dealing with environmental matters, on or after
               the Closing Date by Buyer and its affiliates, agents or assigns
               in relation to the Company, except with regard to existing
               practices of the Company; and

               6.2.7.

                      any Environmental Condition relating to the Company which,
               except with regard to the existing practices of the Company,
               result from the operations of the Company on or after the Closing
               Date or which came into existence on or after

                                     EX-171
<PAGE>

               the Closing Date (including, but not limited to, Environmental
               Costs to the extent they directly arise from such violations).

          6.3. CLAIMS FOR INDEMNIFICATION.

               Whenever any claim shall arise for indemnification hereunder, the
          party entitled to indemnification (the "indemnified party") shall
          promptly notify the other party (the "indemnifying party") of the
          claim and, when known, the facts constituting the basis for such
          claim. In the event of any claim for indemnification hereunder
          resulting from or in connection with any claim or legal proceedings by
          a third party, the notice to the indemnifying party shall specify, if
          known, the amount or an estimate of the amount of the liability
          potentially arising therefrom. The indemnified party shall not settle
          or compromise any claim by a third party for which it is entitled to
          indemnification hereunder, without the prior written consent of the
          indemnifying party; provided, however, that if such consent is not
          granted the amount of indemnity provided by the indemnifying party
          shall not be limited by Section 6.4. or 6.6. and, if Buyer is the
          indemnified party, at the election of Buyer, only the portion of any
          loss equal to the refused settlement shall be deducted or payable from
          the Escrow Account, all other amounts shall be paid directly to Buyer
          by wire transfer by Sellers or the distributes of the assets of the
          Sellers.

          6.4. DEFENSE BY INDEMNIFYING PARTY.

               In connection with any claim giving rise to indemnity hereunder
          resulting from or arising out of any claim or legal proceeding by a
          person who is not a party to this Agreement, the indemnifying party at
          its sole cost and expense may, upon written notice to the indemnified
          party given within 30 days after delivery of the written notice
          referred to in Section 6.3. hereof, assume the defense of any such
          claim or legal proceeding if it acknowledges to the indemnified party
          in writing its obligations to indemnify the indemnified party with
          respect to all elements of such claim. The indemnified party shall be
          entitled to participate in (but not control) the defense of any such
          action, with its own counsel and at its own expense. If the
          indemnifying party does not assume the defense of any such claim or
          litigation resulting therefrom, (a) the indemnified party may defend
          against such claim or litigation, in such manner as it may deem
          appropriate, including, but not limited to, settling such claim or
          litigation, after giving notice of the same to the indemnifying party,
          on such terms as the indemnified party may deem appropriate, and (b)
          the indemnifying party shall be entitled to participate in (but not
          control) the defense of such action, with its counsel and at its own
          expense. If the indemnifying party thereafter seeks to question the
          manner in which the indemnified party defended such third party claim
          or the amount or nature of any such settlement, the indemnifying party
          shall have the burden to prove by a preponderance of the evidence that
          the indemnified party did not defend or settle such third party claim
          in a reasonably prudent manner as a prudent businessman would if his
          own funds were subject to such suit.

          6.5. MANNER OF INDEMNIFICATION.

               All indemnification by either party hereunder shall be effected
          by payment of cash or delivery of a certified or official bank check
          in immediately available funds in the amount of the indemnification
          liability.

          6.6. LIMITATIONS ON INDEMNIFICATION.

                                     EX-172
<PAGE>

               Subject to any limitations contained therein, all representations
          and warranties made by the parties herein or in any instrument or
          document furnished in connection herewith shall survive the Closing
          and any investigation at any time made by or on behalf of the parties
          hereto and shall expire twenty-four months after the Closing Date,
          except (i) as to any matter as to which a claim is submitted in
          writing to the indemnifying party prior to the applicable expiration
          date and identified as a claim for indemnification pursuant to this
          Agreement; (ii) as to any representation or warranty relating to
          ownership or title to the Shares or the Company's assets, including
          real or immovable property, which shall not expire; (iii) as to any
          matter which is based upon willful fraud by the indemnifying party,
          with respect to which the representations and warranties set forth in
          this Agreement shall expire only upon expiration of the applicable
          statute of limitations plus 60 days; (iv) as to any representation or
          warranty concerning tax or environmental matters, which shall expire
          only upon the expiration of the applicable statute of limitations plus
          45 days; and (v) as to any representation or warranty concerning the
          authority to execute this Agreement or any of the other documents
          contemplated hereby, which shall not expire. No claim or action for
          indemnity pursuant to Sections 6.1. or 6.2. hereof for breach of any
          representation or warranty shall be asserted or maintained by any
          party hereto after the expiration of such representation or warranty
          pursuant to the preceding sentence except for claims made in writing
          prior to such expiration and actions (whether instituted before or
          after such expiration) based on any claim made in writing prior to
          such expiration. Notwithstanding any other provisions contained in
          this Agreement, (i) neither Buyer nor Sellers shall be entitled to
          receive any amount under this Section 6. which exceeds the Purchase
          Price; (ii) Buyer shall not be entitled to payment under this Section
          6. for a breach of any representation or warranty by Sellers contained
          in this Agreement except for the amount by which the aggregate of all
          breach of warranty or representation claims hereunder which have not
          theretofore been reimbursed to Buyer exceeds the sum of $180,000.00,
          and (iii) Sellers shall not be entitled to payment under this Section
          6. except for the amount by which the aggregate of all claims
          hereunder which have not theretofore been reimbursed to Sellers,
          exceeds $180,000.00. In the event the $180,000.00 threshold mentioned
          in clause (ii) or (iii) of the preceding sentence is exceeded, Buyer
          or Sellers, as the case may be, shall then have the right to seek
          reimbursement of said threshold amount from Sellers or Buyer, as the
          case may be, under this Section 6. Notwithstanding anything contained
          in this Section 6.6., the limits on indemnification contained in the
          preceding sentence shall exclude any obligations specifically assumed
          by any party in this Agreement, including without limitation, the
          obligations relating to Taxes and brokers as described in Sections
          3.21., 5.2., and 9.5. respectively .

          6.7. SOLE BASIS FOR RECOVERY.

               Unless specifically provided for elsewhere in this Agreement, the
          parties intend Section 6. to be the exclusive method for compensating
          each other for, or indemnifying each other against, claims relating to
          the Company and the transactions contemplated by this Agreement.

          6.8. JOINT AND SEVERAL LIABILITY.

               The liability of Steven Labat, Hanson Nelton, and Timothy Ledet
          under this Section 6. shall be limited to their respective percentage
          interest in the Company as set

                                     EX-173
<PAGE>

          forth in Section 2.2.2. above. The liability of all other Sellers
          under this Section 6. shall be joint and several, and in solido. Buyer
          shall not have any obligation to marshal its claims hereunder to
          minimize the obligations of any of the Sellers.

     7.   DOCUMENTS TO BE DELIVERED AT CLOSING.

          7.1. CLOSING DOCUMENTS DELIVERED BY SELLERS.

               Buyer shall have received at the Closing the following documents,
          dated as of the Closing date:

                      7.1.1. The confidentiality agreements referred to in
               Section 5.3.1. above, duly executed by the individuals listed in
               Schedule 5.3.1.

                      7.1.2. Stock certificates representing the Shares, duly
               endorsed for transfer.

                      7.1.3. An opinion of counsel to Sellers in a form
               acceptable to counsel to Buyer regarding the ownership of the
               Shares and the authority of each of the Sellers to enter into
               this Agreement and to consummate the transactions contemplated
               hereby.

                      7.1.4. Any other documents, certificates, or instruments
               contemplated by this Agreement to be delivered by Sellers to
               Buyer, including but not limited to the Consents listed in
               Schedule 3.7.

                      7.1.5. A fully executed certification of non-foreign
               status described in Treasury Regulation Section 1.1445-2(a)(2)
               (and applicable provisions of state law), in form and substance
               reasonably satisfactory to counsel to Buyer, from each Seller.

                      7.1.6. Executed letters of resignation by each officer and
               director of the Company.

                      7.1.7. Certified copy of an order or orders entered by a
               court or courts of competent jurisdiction appointing a tutor for
               each of Kristin, Melody, Jordan, and Zachary Deroche and Erin
               Dubois, and authorizing said tutor(s) to enter into this
               Agreement and the transactions contemplated hereby.

               7.2. CLOSING DOCUMENTS DELIVERED BY BUYER. Sellers shall have
          received at the Closing the following documents, dated as of the
          Closing date:

                      7.2.1. Any documents, certificates, or instruments
               contemplated by this Agreement to be delivered by Buyer to
               Sellers.

     8.   RELEASE.

          (a) As of the Closing Date and, except as may be set forth in Section
     6.2. of this Agreement, each of the Sellers does hereby for himself and his
     successors and assigns remise, release, acquit and forever discharge the
     Buyer, the Company, and their respective affiliates, and their successors
     and assigns, of and from any and all claims, demands, liabilities,
     responsibilities, disputes, causes of action and obligations of every
     nature whatsoever, liquidated or unliquidated, known or unknown, matured or
     unmatured, fixed or contingent, that such Seller or its affiliates now has,
     owns or holds or has at any time previously had, owned or held against such
     parties, including without limitation all liabilities created as a result
     of the negligence, gross negligence and willful acts of the Company and its
     employees and agents, or under a theory of strict liability, existing as of
     the Closing Date or

                                     EX-174
<PAGE>

     relating to any action, omission or event occurring on or prior to the
     Closing Date; provided, however, that any claims, liabilities, debts or
     causes of action that may arise in connection with the failure of any of
     the parties hereto to perform any of their obligations hereunder or under
     any other agreement relating to the transactions contemplated hereby or
     from any breaches by any of them of any representations or warranties
     herein or in connection with any of such other agreements shall not be
     released or discharged pursuant to this Agreement.

          (b) Each of the Sellers represents and warrants that, he has not
     previously assigned or transferred, or purported to assign or transfer, to
     any person or entity whatsoever all or any part of the claims, demands,
     liabilities, responsibilities, disputes, causes of action or obligations
     released herein. Each of the Sellers covenants and agrees that such Seller
     will not assign or transfer to any person or entity whatsoever all or any
     part of the claims, demands, liabilities, responsibilities, disputes,
     causes of action or obligations to be released herein. Each of the Sellers
     represents and warrants that such Seller has read and understands all of
     the provisions of this Section 8. and that he has been represented by legal
     counsel of his own choosing in connection with the negotiation, execution
     and delivery of this Agreement.

          (c) The release provided by the Sellers pursuant to this Section 8.
     shall apply notwithstanding that the matter for which release is provided
     may relate to the ordinary, sole or contributory negligence, gross
     negligence, willful misconduct or violation of law by a released party,
     including the Buyer and the Company and their respective officers,
     directors, employees and agents, and for liabilities based on theories of
     strict liability, and shall be applicable whether or not negligence of the
     released party is alleged or proven, it being the intention of the parties
     to release the released party from and against its ordinary, sole and
     contributory negligence and gross negligence as well as liabilities based
     on the willful actions or omissions of the released party and liabilities
     based on theories of strict liability.

     9.   MISCELLANEOUS.

          9.1. NOTICES.

               All notices, requests, demands, and other communications
          hereunder shall be in writing and shall be deemed given if delivered
          personally or sent by fax during normal business hours of the
          recipient, the next business day if sent by a national overnight
          delivery service, charges prepaid, or three (3) days after mailed by
          certified or registered mail, postage prepaid, return receipt
          requested, to the parties, their successors in interest or their
          assignees at the following addresses, or at such other addresses as
          the parties may designate by written notice in the manner aforesaid:

                  If to Buyer:

                           T-3 Energy Services, Inc.
                           600 Travis, Suite 6000
                           Houston, Texas  77002
                           Attention:  Mr. Michael L. Stansberry

                                     EX-175
<PAGE>

                  With a copy to:

                           First Reserve Corporation
                           1801 California Street
                           Denver, Colorado  80202
                           Attention:  Thomas R. Denison, Esq.

                           and

                           Liskow & Lewis
                           822 Harding Street
                           Lafayette, Louisiana  70503
                           Attention:  Billy J. Domingue, Esq.

                  If to Sellers:

                           Randy Paul Deroche, Sr.
                           4033 Highway 24
                           Bourg, Louisiana 70343

                  With copies to:

                           Duvall, Funderburk, Sundberg, Lovell & Watkins
                           101 Wilson Avenue
                           Houma, LA  70364
                           Attention: Berwick Duvall, Esq.

          9.2. ASSIGNABILITY AND PARTIES IN INTEREST.

               Buyer may freely assign the rights and obligations under this
          Agreement. Sellers may, with the written consent of Buyer (which will
          not be unreasonably withheld if such assignee has the financial
          capacity to assume and honor the indemnity obligations hereunder),
          assign the rights and obligations under this Agreement among their
          affiliates or in connection with a sale of their business. In either
          case, any such assignee must expressly assume all indemnity
          obligations hereunder. This Agreement shall inure to the benefit of
          and be binding upon Buyer and Sellers and their respective permitted
          successors and assigns.

          9.3. GOVERNING LAW.

               THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED
          IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO
          CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THAT STATE.

                                     EX-176
<PAGE>

          9.4. COUNTERPARTS.

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

          9.5. INDEMNIFICATION FOR BROKERAGE.

               Buyer and Sellers each represent and warrant that, except as set
          forth in Schedule 9.5, no broker or finder has acted on its behalf in
          connection with this Agreement or the transactions contemplated
          hereby. In addition to the indemnification obligations contained in
          Section 6., each party hereto agrees to indemnify and hold harmless
          the others from any claim or demand for commissions or other
          compensation by any broker, finder or similar agent who is or claims
          to have been employed by or on behalf of such party.

          9.6. PUBLICITY.

               Sellers and Buyer agree that press releases and other
          announcements to be made by any of them with respect to the
          transactions contemplated hereby shall be subject to mutual agreement.
          Notwithstanding the foregoing, Sellers and Buyer may respond to
          inquiries relating to this Agreement and the transactions contemplated
          hereby by the press, securities analysts, employees, or customers
          without any notice or further consent of the other parties hereto.

          9.7. COMPLETE AGREEMENT.

               This Agreement, the Exhibits hereto, the Schedules and the
          documents delivered pursuant to this Agreement contain or will contain
          the entire agreement between the parties hereto with respect to the
          transactions contemplated herein and shall supersede all previous oral
          and written and all contemporaneous oral negotiations, commitments,
          and understandings.

          9.8. INTERPRETATION.

               The headings contained in this Agreement are for reference
          purposes only and shall not affect in any way the meaning or
          interpretation of this Agreement.

          9.9. SEVERABILITY.

               Any provision of this Agreement which is invalid, illegal, or
          unenforceable in any jurisdiction shall, as to that jurisdiction, be
          ineffective to the extent of such invalidity, illegality, or
          unenforceability, without affecting in any way the remaining
          provisions hereof in such jurisdiction or rendering that or any other
          provision of this Agreement invalid, illegal, or unenforceable in any
          other jurisdiction.

          9.10. KNOWLEDGE: DUE DILIGENCE INVESTIGATION.

               All representations and warranties contained herein which are
          made to the knowledge of Sellers shall mean to the knowledge of
          Sellers based on, and assuming they had conducted, a reasonable
          investigation of such matters.

                                     EX-177
<PAGE>

          9.11. EXPENSES OF TRANSACTIONS.

               All fees, costs and expenses incurred by Buyer or Sellers in
          connection with the transactions contemplated by this Agreement shall
          be borne by the party incurring the same.

          9.12. LIMIT ON INTEREST.

               Notwithstanding anything in this Agreement to the contrary,
          neither party hereto shall be obligated to pay interest at a rate
          higher than the maximum rate permitted by applicable law.

          9.13. SUBMISSION TO JURISDICTION.

               Each of the parties hereto irrevocably consents that any legal
          action or proceeding against it or any of its property with respect to
          this Agreement or any other agreement executed in connection herewith
          may be brought in any court of the State of Louisiana, any Federal
          court of the United States of America located in Louisiana, and by the
          execution and delivery of this Agreement each party hereto hereby
          accepts with regard to any such action or proceeding for itself and in
          respect of its property, generally and unconditionally, the
          jurisdiction of the aforesaid courts.

          9.14. ARBITRATION.

               Any controversy, dispute, or claim arising out of, in connection
          with, or in relation to, the interpretation, performance or breach of
          this Agreement, including, without limitation, the validity, scope,
          and enforceability of this Section 9.14., may at the election of Buyer
          or Sellers be solely and finally settled by confidential arbitration
          conducted in New Orleans, Louisiana. The arbitration shall be governed
          by the Federal Arbitration Act, 9 U.S.C. ss.1 et seq., and
          administereD by the American Arbitration Association in accordance
          with its Commercial Arbitration Rules. The arbitrators shall not be
          allowed to award punitive, exemplary or multiple damages. The
          arbitrators may only award compensatory damages. The parties hereby
          expressly waive any right any of them may have to punitive, exemplary
          or multiple damages. The parties intend that this agreement to
          arbitrate be valid, enforceable and irrevocable. Notwithstanding the
          foregoing, this Section 9.14. shall not apply nor be interpreted to
          affect the resolution of a Dispute Notice through the arbitration
          procedures set forth in Section 2.3.4. of this Agreement.

                                     EX-178
<PAGE>

          9.15. WAIVER OF PUNITIVE, EXEMPLARY AND MULTIPLE DAMAGES.

               The parties hereby expressly waive any right any of them may have
          to punitive, exemplary or multiple damages.

          IN WITNESS WHEREOF, the undersigned duly execute this Agreement as of
the date first written above.

                                SELLERS:

                                /s/ RANDY PAUL DEROCHE, JR.
                                ------------------------------
                                RANDY PAUL DEROCHE, JR.

                                /s/ DONNA D. TERRELL
                                ------------------------------
                                DONNA D. TERRELL

                                /s/ CALVIN J. DEROCHE
                                ------------------------------
                                CALVIN J. DEROCHE

                                /s/ RANDY P. DEROCHE, SR.
                                ------------------------------
                                RANDY P. DEROCHE, SR.

                                /s/ TIMOTHY P. DEROCHE
                                ------------------------------
                                TIMOTHY P. DEROCHE

                                /s/ BENJAMIN D. DEROCHE
                                ------------------------------
                                BENJAMIN D. DEROCHE

                                /s/ MICHAEL ANTHONY DEROCHE
                                ------------------------------
                                MICHAEL ANTHONY DEROCHE

                                /s/ JEROD DEROCHE
                                ------------------------------
                                JEROD DEROCHE

                                     EX-179
<PAGE>

                                /s/ DARREN J. DEROCHE
                                ------------------------------
                                DARREN J. DEROCHE

                                /s/ CHRISTOPHER J. DUBOIS
                                ------------------------------
                                CHRISTOPHER J. DUBOIS

                                /s/ WAYNE A. BASCLE
                                ------------------------------
                                WAYNE A. BASCLE

                                /s/ JOSEPH F. RAMIREZ
                                ------------------------------
                                JOSEPH F. RAMIREZ

                                /s/ STEVEN A. LABAT
                                ------------------------------
                                STEVEN A. LABAT

                                /s/ TIMOTHY J. LEDET
                                ------------------------------
                                TIMOTHY J. LEDET

                                /s/ HANSEN NELTON, JR.
                                ------------------------------
                                HANSEN NELTON, JR.

                                /s/ LEROY DEROCHE
                                ------------------------------
                                LEROY DEROCHE

                                /s/ STUART A. OLIVER
                                ------------------------------
                                STUART A. OLIVER

                                /s/ RONNIE G. BROUSSARD
                                ------------------------------
                                RONNIE G. BROUSSARD

                                /s/ MANDY DUBOIS LOESCHER
                                ------------------------------
                                MANDY DUBOIS LOESCHER

                                /s/ MONICA DEROCHE DUBOIS
                                ------------------------------
                                MONICA DEROCHE DUBOIS

                                /s/ DARLENE DEROCHE RAMIREZ
                                ------------------------------
                                DARLENE DEROCHE
                                RAMIREZ

                                RANDY PAUL DEROCHE, SR., AS
                                TUTOR FOR KRISTIN DEROCHE
                                AND MELODY DEROCHE

                                     EX-180
<PAGE>

                                By: /s/ RANDY PAUL DEROCHE, SR.
                                   -----------------------------------------
                                     Randy Paul Deroche, Sr., as Tutor

                                TIMOTHY DEROCHE, AS
                                TUTOR FOR JORDAN DEROCHE
                                AND ZACHARY DEROCHE

                                By: /s/ TIMOTHY DEROCHE
                                   -----------------------------------------
                                     Timothy Deroche, as Tutor

                                CHRISTOPHER DUBOIS, AS
                                TUTOR FOR ERIN DUBOIS

                                By: /s/ CHRISTOPHER DUBOIS
                                   -----------------------------------------
                                     Christopher Dubois, as Tutor

                                BUYER:

                                T-3 ENERGY SERVICES,
                                INC., a Delaware corporation

                                By: /s/ MICHAEL L. STANSBERRY
                                   -----------------------------------------
                                     Michael L. Stansberry
                                     Title:  President

                                     EX-181<PAGE>

                                  Exhibit 10.21

                            STOCK PURCHASE AGREEMENT
                                  By and Among

               ROBERT E. PUCKETT, STEVEN K. CYRUS, FRANK E. URIAS,
              WENDELL N. MILLER, ROBERT E. PUCKETT, JR., ROBERT E.
               PUCKETT AS CUSTODIAN FOR THE MINOR AMANDA ELIZABETH
              PUCKETT, ARMAND BROUSSARD, GARY CAFFEY, KEVIN HANSEN,
                       CARLAN HUVAL, AND CHADWICK LAMPEREZ

               Shareholders of CONTROL PRODUCTS OF LOUISIANA, INC.

                                       And

                            T-3 ENERGY SERVICES, INC.

                            DATED: SEPTEMBER 29, 2000

                                     EX-182

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page
STOCK PURCHASE AGREEMENT ..................................................   1
RECITALS: .................................................................   1
AGREEMENT: ................................................................   1
1.  Agreement to Sell and Agreement to Purchase ...........................   1
          1.1. Purchase of Shares from Shareholders .......................   1
          1.2.  Further Assurances ........................................   1
          1.3.  Closing ...................................................   2
2.  Consideration to be Paid by Buyer .....................................   2
          2.1.  Purchase Price for Shares .................................   2
          2.2.  Payment of Purchase Price .................................   2
          2.3.  Purchase Price Adjustment .................................   3
3.  Representations and Warranties of Sellers .............................   5
          3.1.  Organization and Good Standing ............................   5
          3.2.  Authorization of Agreement ................................   6
          3.3.  Ownership of Shares .......................................   6
          3.4.  Capitalization ............................................   6
          3.5.  Financial Condition .......................................   7
          3.6.  Property of the Company ...................................   8
          3.7.  Agreement Not in Breach of Other Instruments ..............  10
          3.8.  Employment Agreements; Employee Benefits ..................  11
          3.9.  Labor and Employment Matters ..............................  15
          3.10. Litigation ................................................  16
          3.11. Contracts .................................................  16
          3.12. Regulatory Approvals ......................................  18
          3.13. Compliance with Law .......................................  18
          3.14. Indebtedness from Employees ...............................  18
          3.15. Accounts Receivable .......................................  18
          3.16. Insurance .................................................  18
          3.17. Powers of Attorney and Suretyships ........................  19
          3.18. No Undisclosed Liabilities ................................  19
          3.19. Environmental Matters .....................................  19
          3.20. Conflict of Interest ......................................  20
          3.21. Taxes .....................................................  21
          3.22. Liens .....................................................  26
          3.23. Other Information .........................................  27
          3.24. No Other Representations ..................................  27
          3.25. No Known Breaches .........................................  27
4.  Representations and Warranties of Buyer ...............................  27
          4.1.  Organization ..............................................  27
          4.2.  Corporate Authority .......................................  27
          4.3.  Agreement Not in Breach of Other Instruments ..............  28
          4.4.  Investment Intent .........................................  28
          4.5.  Regulatory and Other Approvals ............................  28
          4.6.  No Known Breaches .........................................  28
          4.7.  Other Information .........................................  28

                                    EX-183

<PAGE>

          4.8.  FINANCIAL CAPABILITY ......................................  28
          4.9   BUSINESS KNOWLEDGE.........................................  29
          4.10. No Other Representations ..................................  29
5.  Certain Understandings and Agreements of the Parties ..................  29
          5.1.  Cooperation in Litigation .................................  29
          5.2.  Tax Matters ...............................................  29
          5.3.  Employment and Confidentiality Agreements .................  31
          5.4.  Lease .....................................................  32
          5.5.  BUYER'S INSURANCE .........................................  32
          5.6.  RELEASE OF SELLERS' GUARANTEES ............................  32
6.  Indemnification .......................................................  32
          6.1.  Indemnification by Sellers ................................  32
          6.2.  Indemnification by Buyer ..................................  34
          6.3.  Claims for Indemnification ................................  36
          6.4.  Defense by Indemnifying Party .............................  36
          6.5.  Manner of Indemnification .................................  37
          6.6.  Limitations on Indemnification ............................  37
          6.7.  Sole Basis for Recovery ...................................  38
          6.8.  Joint and Several Liability ...............................  38
7.  Documents To Be Delivered At Closing ..................................  39
          7.1.  Closing Documents Delivered by Sellers ....................  39
          7.2.  Closing Documents Delivered by Buyer ......................  40
8.  Release ...............................................................  40
9.  Miscellaneous .........................................................  41
          9.1.  Notices ...................................................  41
          9.2.  Assignability and Parties in Interest .....................  42
          9.3.  Governing Law .............................................  42
          9.4.  Counterparts ..............................................  42
          9.5.  Indemnification for Brokerage .............................  42
          9.6.  Publicity .................................................  42
          9.7.  Complete Agreement ........................................  43
          9.8.  Interpretation ............................................  43
          9.9.  Severability ..............................................  43
          9.10. Knowledge:  Due Diligence Investigation ...................  43
          9.11. Expenses of Transactions ..................................  43
          9.12. Limit on Interest .........................................  43
          9.13. Submission to Jurisdiction ................................  43
          9.14. Arbitration ...............................................  44
          9.15. Waiver of Punitive Damages ................................  44
          9.16. CROSS REFERENCE ...........................................  44
          9.17. COUNTERPARTS ..............................................  44

                                     EX-184

<PAGE>

EXHIBITS
EXHIBIT A  ESCROW AGREEMENT
EXHIBIT 2.3.1.  FORM OF CLOSING BALANCE SHEET
EXHIBIT 5.3.1.  EMPLOYMENT AGREEMENT

SCHEDULES
Schedule 2.2.1.  Sellers' Wire Transfer Instructions

     SCHEDULE 2.3.1.  FORM OF BALANCE SHEET
Schedule 3.1.    Louisiana Parishes in which the Company does Business

     SCHEDULE 3.3.  TRANSFER RESTRICTIONS

     SCHEDULE 3.4.  SELLERS' OWNERSHIP PERCENTAGES
Schedule 3.5.1.  Financial Statements
Schedule 3.5.2.  Assets Transferred Other than in the Ordinary Course
                 of Business

     SCHEDULE 3.5.2. (III)  CERTAIN COMPENSATION INCREASES
Schedule 3.6.1.  Real Property

     SCHEDULE 3.6.1.3.  PERMITS AND LICENSES
Schedule 3.6.2.  Inventory
Schedule 3.6.3.  Tangible Personal Property; List of leased vehicles, copiers
                 and telephone systems
Schedule 3.6.4.  Intangible Personal Property
Schedule 3.6.5.  Subsidiaries
Schedule 3.7.    Consents
Schedule 3.8.1   Labor and Employment Matters
Schedule 3.8.2.  Employee Benefit Plans
Schedule 3.9.1.  Collective Bargaining
Schedule 3.9.2.  Labor Disputes
Schedule 3.10.   Litigation
Schedule 3.11.   Contracts
Schedule 3.14.   Employee Indebtedness
Schedule 3.15.   Accounts Receivable
Schedule 3.16.   Insurance
Schedule 3.20.   Conflicts
Schedule 3.21.2. Taxable Years/Examinations
Schedule 3.21.3. Tax Returns, etc.
Schedule 3.21.3.7.  Tax Affiliates
Schedule 3.21.3.22. Tax Returns Within 60 Days
Schedule 3.21.3.23. Tax Jurisdictions
Schedule 3.22.   Description of Company Indebtedness Guaranteed by Sellers;
                 Liens on Assets
Schedule 6.1.8.  Environmental Matters
Schedule 9.5.    Brokerage

                                     EX-185

<PAGE>

                            STOCK PURCHASE AGREEMENT

          This STOCK PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of this 29th day of September, 2000 by and among ROBERT E. PUCKETT,
STEVEN K. CYRUS, FRANK E. URIAS, WENDELL N. MILLER, ROBERT E. PUCKETT, JR.,
ROBERT E. PUCKETT AS CUSTODIAN OF MINOR AMANDA ELIZABETH PUCKETT, ARMAND
BROUSSARD, GARY CAFFEY, KEVIN HANSEN, CARLAN HUVAL, AND CHADWICK LAMPEREZ
("Sellers"), being all the shareholders of CONTROL PRODUCTS OF LOUISIANA, INC.,
a Louisiana corporation (the "Company"), and T-3 ENERGY SERVICES, INC., a
Delaware corporation ("Buyer").

                                    RECITALS:

          1.   Sellers own all outstanding shares of the common stock, no par
value (the "Shares") of the Company.

          2.   The Company is presently engaged in the business of the sale,
remanufacture, repair, and service of flow control equipment

          3.   SELLERS DESIRE TO SELL TO BUYER THE SHARES, AND BUYER DESIRES TO
ACQUIRE THE SHARES ON THE TERMS AND CONDITIONS HEREINAFTER SET FORTH.

                                   AGREEMENT:

          NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND THE MUTUAL
PROMISES CONTAINED HEREIN, THE PARTIES HERETO COVENANT AND AGREE AS FOLLOWS:

          1.   AGREEMENT TO SELL AND AGREEMENT TO PURCHASE.

               1.1. PURCHASE OF SHARES FROM SHAREHOLDERS.

               ON THE TERMS AND SUBJECT TO THE CONDITIONS SET FORTH HEREIN,
          SELLERS HEREBY SELL, TRANSFER, CONVEY, ASSIGN AND DELIVER TO BUYER,
          FREE AND CLEAR OF ALL LIENS, PLEDGES, ENCUMBRANCES AND CLAIMS
          WHATSOEVER, AND BUYER HEREBY PURCHASES, ACQUIRES AND ACCEPTS FROM
          SELLERS ALL THE SHARES. SELLERS SHALL DELIVER TO BUYER CERTIFICATES
          REPRESENTING THE SHARES, DULY ENDORSED FOR TRANSFER AT THE CLOSING (AS
          DEFINED IN SECTION 1.3. HEREOF).

               1.2. FURTHER ASSURANCES.

               From time to time after the Closing, Sellers and Buyer, and each
          of their respective affiliates, will execute and deliver to the other
          party such instruments of sale, transfer, conveyance, assignment and
          delivery, consents, assurances, powers of attorney and other
          instruments as may be reasonably requested by counsel for Buyer or
          Sellers in order to vest in Buyer all right, title and interest of
          Sellers in and to the Shares and otherwise in order to carry out the
          purpose and intent of this Agreement.

               1.3. CLOSING.

               The closing (the "Closing") of the transactions herein
          contemplated shall take place at the offices of Liskow & Lewis at 822
          Harding Street, Lafayette, LA 70503 and be effective as of 10:00 a.m.,
          local time, on the date

                                     EX-186

<PAGE>

          hereof (the "Closing Date"). All actions taken and all documents
          delivered at the Closing shall be deemed to have occurred
          simultaneously.

          2.   CONSIDERATION TO BE PAID BY BUYER.

               2.1. PURCHASE PRICE FOR SHARES.

               The purchase price for the Shares shall be an amount ("Purchase
          Price") equal to $6,300,000.00 plus or less, as the case may be, any
          Adjustment Amount (as defined in Section 2.3.) and less the amounts,
          as of the Closing Date, of the indebtedness owed by the Company to
          Merrill Lynch on the Company's line of credit and the amount due to
          the Company's Plan (as defined in Section 3.8.12. below). As soon as
          possible after the Closing, Buyer shall cause the Company to satisfy
          (via wire transfer) the amounts due and owing to Merrill Lynch on the
          Company's line of credit and to the Plan.

               2.2. PAYMENT OF PURCHASE PRICE.

                    2.2.1. CASH TO SELLERS.

                    At the Closing, Buyer shall pay in immediately available
               funds by wire transfer (pursuant to the instructions set forth on
               Schedule 2.2.1.) to Sellers the cash portion of the Purchase
               Price, less the Escrow Amount (as defined in Section 2.2.2.), to
               the separate accounts of Sellers in the following percentages:

                         Robert E. Puckett                           26.72%
                         Steven K. Cyrus                             15.86%
                         Frank E. Urias                              15.86%
                         Wendell N. Miller                           15.86%
                         Robert E. Puckett, Jr.                       6.48%
                         Robert E. Puckett as Custodian for minor
                         Amanda Elizabeth Puckett                     6.48%
                         Armand Broussard                             4.90%
                         Gary Caffey                                  1.96%
                         Kevin Hansen                                 1.96%
                         Chadwick Lamperez                            1.96%
                         Carlan Huval                                 1.96%

                    2.2.2. RETENTION OF ESCROW.

                    Buyer shall place in escrow with Hibernia National Bank ten
               percent (10%) of the Purchase Price (the "Escrow Amount"), which
               shall be subject to Section 6. and the Adjustment Amount (as
               defined in Section 2.3.). Distribution of the Escrow Amount shall
               be pursuant to an Escrow Agreement in the form of Exhibit A. The
               Escrow Amount, after taking into account any claims pursuant to
               and any Adjustment Amount payable to Buyer to the extent not paid
               by Sellers, shall be paid to Sellers with interest of 6% per
               annum as follows:

                                     EX-187
<PAGE>

                         2.2.2.1.

                         On (i) March 31, 2001, or (ii) the date on which the
                    Closing Financial Statement becomes final based on the
                    approval thereof by Buyer and Sellers, whichever occurs
                    first, Buyer shall cause the Escrow Agent to pay to Sellers,
                    in the percentages set forth in Section 2.2.1. (except that
                    the percentages of Majority Shareholders shall be paid
                    pursuant to the written instructions of the Majority
                    Shareholders as provided to Escrow Agent), $315,000.00, less
                    (i) any amount claimed pursuant to Section 6. by Buyer up to
                    March 31, 2001, and (ii) any Adjustment Amounts payable to
                    Buyer to the extent not paid by Sellers, including interest
                    earned on any such amounts in the Escrow Account. The term
                    "Majority Shareholders" means Robert E. Puckett individually
                    and as custodian for minor Amanda Elizabeth Puckett, Robert
                    E. Puckett, Jr., Wendell N. Miller, Steven K. Cyrus, and
                    Frank E. Urias.

                         2.2.2.2.

                         On September 30, 2001, Buyer shall pay to Sellers, in
                    the percentages set forth in Section 2.2.1. (except that the
                    percentages of Majority Shareholders shall be paid pursuant
                    to the written instructions of the Majority Shareholders as
                    provided to Escrow Agent), any remaining portion of the
                    Escrow Amounts, less any amount claimed pursuant to Section
                    6. by Buyer up to September 30, 2001 and any Adjustment
                    Amount payable to Buyer to the extent not paid by Sellers,
                    plus interest accrued on any such amount.

               2.3. PURCHASE PRICE ADJUSTMENT.

                    2.3.1. On or before 45 days after the Closing Date, Buyer
               shall prepare, and deliver to Sellers, from the Company's books
               and records and from a physical inventory conducted under the
               supervision of Buyer on or about the date hereof (the "Physical
               lnventory") and, to the extent possible, on a basis consistent
               with the preparation of the April 30, 2000 financial information
               provided to Buyer by Sellers (as set forth in Schedule 3.5.1.)
               (the "Company's April 30, 2000 Financial Statement"), a Balance
               Sheet for the Company as of the close of business on September
               30, 2000 prepared in accordance with generally accepted
               accounting principles ("GAAP"), in the form of Schedule 2.3.1.
               (the "Closing Financial Statement"), in order to determine the
               "Adjustment Amount," (as defined below). Sellers shall assist and
               consult with Buyer, in the preparation of the Closing Financial
               Statement. The "Adjustment Amount" shall mean the amount by which
               the Net Working Capital as shown on the Closing Financial
               Statement deviates from $1 Million. For these purposes, the
               definition of `Net Working Capital' shall be current assets
               (defined as the current assets as titled on the Company's April
               30, 2000 Financial Statement excluding accounts receivable from
               Officers or any of the Sellers) less current liabilities (defined
               as the current liabilities as titled on the April 30, 2000
               Financial Statement less: (i) amount due Merrill Lynch WCMA; and
               (ii) amount due the Retirement Plan). Furthermore, the Physical
               Inventory shall be valued using the historical method employed by
               the Company in compiling the December 31, 2000 Financial
               Statement of the Company, however, the final Physical Inventory
               number must be

                                     EX-188

<PAGE>

               agreed upon by both Sellers' representative, Steven K. Cyrus, and
               Buyer's representative, Michael Mino, as of the Closing. In the
               event Net Working Capital, based on the Closing Financial
               Statement, is (a) less than $1,000,000.00, the Purchase Price
               will be decreased by the amount of the shortfall or (b) more than
               $1,000,000.00, the Purchase Price will be increased by the amount
               of the overage (herein called the "Adjustment Amount").

                    2.3.2. At Sellers' expense, Broussard, Poche, Lewis & Breaux
               ("Seller's Accountant") may assist Sellers in reviewing the
               Closing Financial Statement. Upon reasonable notice and during
               reasonable business hours, Buyer shall allow Sellers and Seller's
               Accountant access to the persons involved in the preparation of
               the Closing Financial Statement and the Company's April 30, 2000
               Financial Statement and to all of their workpapers so as to
               permit Sellers and Seller's Accountant to make copies of such
               workpapers supporting the amounts included in the Closing
               Financial Statement and to reasonably review the accounting
               procedures, tests, methods and approaches utilized by Buyer.

                    2.3.3. On or before the 15th day following delivery of the
               Closing Financial Statement pursuant to Section 2.3.1., Sellers
               shall notify Buyer in writing of any objections to the Closing
               Financial Statement (and the determination of the Adjustment
               Amount) as not complying with the requirements of Section 2.3.1.,
               specifying in reasonable detail any such objections (a "Dispute
               Notice"). If (i) Sellers do not deliver a Dispute Notice within
               the time period specified above for delivery of a Dispute Notice
               (the "Notice Period"), (ii) prior to the expiration of the Notice
               Period, Sellers indicate in writing to Buyer that Sellers
               relinquish their right to object to the Closing Financial
               Statement, or (iii) Buyer and Sellers agree on the resolution of
               all such objections or changes at any time subsequent to the
               expiration of the Notice Period, the Closing Financial Statement,
               with any such changes as are agreed upon, shall be final and
               binding on the parties hereto. If Sellers and Buyer (through
               their respective accountants, namely Seller's Accountant and
               Arthur Andersen LLP) are unable to resolve the matters addressed
               in any Dispute Notice, each party shall within twenty (20)
               business days after the delivery of such Dispute Notice,
               summarize its position with regard to such dispute in a written
               document of ten pages or less and submit such summaries to the
               Houston, Texas office of Arthur Pricewaterhousecoopers, or such
               other party as the parties may mutually select (the "Accounting
               Arbitrator"), together with the Dispute Notice, the most recent
               Closing Financial Statement and any other documentation either
               party may desire to submit. The Accounting Arbitrator shall
               render a decision regarding such dispute in accordance with this
               Agreement, based on the materials described above and based upon
               the books and records of the Company and the Physical Inventory
               within twenty business days of the submission of such materials.
               Any decision rendered by the Accounting Arbitrator pursuant
               hereto shall be final and binding between the parties for the
               purpose of

                                     EX-189

<PAGE>

               determining the Adjustment Amount under this Section 2.3. Within
               ten days after the final determination of the Closing Financial
               Statement pursuant to Section 2.3.3., either (i) Buyer shall pay
               to Sellers, in immediately available funds, by wire transfer, an
               amount equal to the Adjustment Amount, or (ii) Sellers shall pay
               to Buyer, in immediately available funds, by wire transfer, an
               amount equal to the Adjustment Amount, as provided in Section
               2.3.1. above. If Sellers fail to make such payment then Buyers
               are authorized to apply any or all of the Escrow Amount to such
               payment.

               In addition, any accrual of bonuses made on the Closing Financial
               Statement that are not paid by Company on or before March 15,
               2001 shall be paid to Sellers on March 31, 2001 or within five
               (5) days after the Company's receipt of its year 2000 audited
               financial statement, whichever occurs first, as an additional
               Purchase Price Adjustment.

          3.   REPRESENTATIONS AND WARRANTIES OF SELLERS.

          Subject to the limitations set forth in Section 6., Sellers represent
and warrant to Buyer that:

               3.1. ORGANIZATION AND GOOD STANDING.

               Each of the Company and the Subsidiaries (as defined in Section
          3.6.5.) is duly organized, validly existing and in good standing under
          the laws of the jurisdiction in which it was formed, with full power
          to carry on its business as it is now and has since its organization
          been conducted, and to own, lease or operate its assets. Either the
          Company or one of the Subsidiaries is duly authorized to do business
          and is in good standing in such other jurisdictions in which the
          failure to so qualify could have a material and adverse effect on the
          results of operations, properties, assets, condition (financial or
          otherwise), or prospects of the Company (a "Material Adverse Effect").

               3.2. AUTHORIZATION OF AGREEMENT.

               Sellers have all requisite power and authority to enter into this
          Agreement and to consummate the transactions contemplated hereby. This
          Agreement and all other agreements and instruments to be executed by
          Sellers or their affiliates in connection herewith have been duly
          executed and delivered by Sellers or their affiliates, have been
          effectively authorized by all necessary action, corporate or
          otherwise, and constitute legal, valid and binding obligations of
          Sellers or their affiliates, as the case may be.

               3.3. OWNERSHIP OF SHARES.

               The Shares are owned beneficially and of record by Sellers, and
          are being transferred to Buyer free and clear of all liens, mortgages,
          pledges, security interests, restrictions, prior assignments,
          encumbrances and claims of any kind

                                     EX-190

<PAGE>

          or nature whatsoever. Except as set forth in Schedule 3.3., no Shares
          are subject to any restriction with respect to their transferability
          (other than restrictions on transfer under applicable Federal and
          state securities laws).

               3.4. CAPITALIZATION.

               The authorized capital stock of the Company consists solely of
          100,000 shares of common stock, no par value, of which 19,616 are
          issued and outstanding and which are owned by Sellers in the
          percentages set forth on Schedule 3.4. All of the Shares have been
          duly authorized, validly issued (free of all past, present and future
          preemptive rights, except for preemptive rights in favor of the
          Company's shareholders as set forth in the Company's Articles of
          Incorporation), and are fully paid and non-assessable. There are no
          outstanding or authorized options, warrants, subscriptions, calls,
          puts, conversion or other rights, contracts, agreements, commitments
          or understandings of any kind obligating the Company to issue, sell,
          purchase, return, redeem or pay any distribution or dividend with
          respect to any shares of capital stock of the Company or any other
          securities convertible into, exchangeable for or evidencing the right
          to subscribe for any shares of capital stock of or other ownership
          interest in the Company, except as set forth on Schedule 3.4.

               3.5. FINANCIAL CONDITION.

                    3.5.1.

                    Financial Statements. Schedule 3.5.1. sets forth certain
               financial information concerning the Company as of April 30, 2000
               (the "April 30, 2000 Financial Statement"), the income statement
               for the calendar years 1997, 1998, and 1999 and for the four
               month period ending April 30, 2000 and the balance sheets for the
               Company as of the last day of each such period (collectively,
               with the Company's April 30, 2000 Financial Statement, the
               "Financial Statements"). Except as disclosed on Schedule 3.5.1.,
               the Financial Statements (i) are true, complete and correct in
               all material respects; (ii) fairly and accurately present the
               financial position of Company as of the periods described therein
               and the results of the operations of Company for the periods
               indicated; and (iii) have been prepared in accordance with the
               method of accounting described in the said Financial Statements
               and on Schedule 3.5.1.

                    3.5.2.

                    Absence of Certain Changes. Since April 30, 2000 (the
               "Balance Sheet Date") there has not been (i) any damage,
               destruction or loss, whether or not covered by insurance, which,
               if not covered by insurance, could be a Material Adverse Effect;
               (ii) any sale or transfer of any of the assets of the Company
               except (a) sales in the ordinary course of the business of
               inventory or immaterial amounts of other tangible personal
               property and (b) for the transfers listed on Schedule 3.5.2.;
               (iii) any increase in, or commitment to increase, the

                                     EX-191

<PAGE>

               compensation payable or to become payable to any of the Company's
               employees or any bonus payment (other than as included as an
               accrued liability on the Company's April 30, 2000 Financial
               Statement) or similar arrangement made to or with any of the
               Company's employees other than routine increases made in the
               ordinary course of business not exceeding the greater of five
               percent per annum or Two Thousand Dollars ($2,000) per annum for
               any of them individually except as set forth on Schedule 3.5.2.
               (iii); (iv) any adoption of a plan or agreement or amendment to
               any plan or agreement providing any new or additional fringe
               benefits; or (v) any material alteration in the manner of keeping
               the Company's books, accounts or records, or in the accounting
               practices therein reflected. Since the Balance Sheet Date, the
               Company has not (except with the prior written consent of Buyer):
               (a) entered into any material transaction not in the ordinary
               course of business; or (b) materially amended, modified, or
               terminated any material Contract (as defined in Section 3.11.1.)
               other than in the ordinary course of its business, and further
               except as set forth on Schedule 3.5.2.

               3.6. PROPERTY OF THE COMPANY.

                    3.6.1.

                    Real Property. There is listed in Schedule 3.6.1. a
               description of each parcel of real property owned by or leased to
               the Company. Except as indicated in Schedule 3.6.1.:

                         3.6.1.1.

                         Each of the leases described in Schedule 3.6.1. is a
                    valid and binding obligation of the Company, and Sellers do
                    not have any knowledge that any of said leases is not a
                    valid and binding obligation of each of the other parties
                    thereto;

                         3.6.1.2.

                         The Sellers do not have any knowledge that the Company,
                    the Sellers, or any other party to any such lease is, in
                    default with respect to any material term or condition
                    thereof, and Sellers do not have any knowledge that any
                    event has occurred which through the passage of time or the
                    giving of notice, or both, would constitute a material
                    default thereunder or would cause the acceleration of any
                    obligation of any party thereto or the creation of a lien or
                    encumbrance upon any asset of the Company;

                         3.6.1.3.

                         All of the buildings, fixtures and other improvements
                    located on the real property described in Schedule 3.6.1.
                    are in sufficiently good operating condition and repair to
                    continue the operations of the Company consistent with past
                    practices, and the Company holds valid and effective

                                     EX-192

<PAGE>

                    certificates of occupancy, underwriters' certificates
                    relating to electrical work, building, safety, fire and
                    health approvals and all other permits and licenses required
                    by applicable law relating to the operation of such real
                    properties and leaseholds, except as set forth on Schedule
                    3.6.1.3. Neither the Company nor Sellers have received
                    notice that the Company's operations at the real property
                    listed in Schedule 3.6.1. as presently conducted is in
                    violation of any applicable building code, zoning ordinance
                    or other law or regulation;

                         3.6.1.4.

                         Neither the Company nor Sellers, as the case may be,
                    have experienced during the two years preceding the date
                    hereof any material interruption in the delivery of adequate
                    quantities of any utilities (including, without limitation,
                    electricity, natural gas, potable water, water for cooling
                    or similar purposes and fuel oil) or other public services
                    (including, without limitation, sanitary and industrial
                    sewer service) required by the Company during such period,
                    except for interruptions caused by standard maintenance,
                    storms or other acts of God.

                    3.6.2.

                    Inventory. There is listed in Schedule 3.6.2. a description
               of all inventories of (i) flow control equipment; (ii) raw
               material, work in progress, finished goods, containers, tote
               bins, and other packaging material, spare parts, maintenance
               supplies; and (iii) other similar items of the Company (the
               "Inventory"). Except for the Inventory which is carried as second
               quality or slow moving material in the Company's Closing
               Financial Statement, the Inventory of the Company as shown on the
               Closing Financial Statement is good and merchantable and is
               saleable in the ordinary course of business, except as disclosed
               on Schedule 3.6.2.

                    3.6.3.

                    Other Tangible Personal Property. There is listed in
               Schedule 3.6.3.: (i) a description and the location of each item
               of tangible personal property (other than Inventory) owned by the
               Company or in the possession of the Company having on the date
               hereof a depreciated book value per unit in excess of Five
               Thousand Dollars ($5,000); (ii) an identification of the owner
               of, and any agreement relating to the use of, each item of
               tangible personal property under leases or other similar
               agreements which provide for rental payments at a rate in excess
               of Two Hundred Fifty Dollars ($250) per month; and (iii) an
               identification of the owner of, and any agreement relating to the
               use of, each motor vehicle not owned by the Company, the rights
               to which are to be transferred to Buyer pursuant hereto, except
               for omitted items identified on Schedule 3.6.3.

                    3.6.4.

                                     EX-193

<PAGE>

                    Intangible Personal Property. There is listed in Schedule
               3.6.4.: an identification of all (i) foreign and United States
               Federal or state patents, patent applications, invention
               disclosures, copyrights, copyright registrations, trademarks,
               trademark registrations, service marks, service mark
               registrations, trade names, trade name registrations and
               applications for any of the foregoing, owned or used by the
               Company; (ii) common law claims to trademarks, service marks and
               tradenames; (iii) claims of copyright that exist although no
               registrations have been issued with respect thereto; and (iv)
               fictitious business name filings with any state or local
               governmental authority ("intangible personal property"). Schedule
               3.6.4. also sets forth a true and complete list of all licenses
               or similar agreements or arrangements to which the Company is a
               party (that are necessary for the operations of the Company's
               business as presently conducted) either as licensee or licensor
               for each such item of intangible personal property. Except as
               indicated in Schedule 3.6.4.:

                         3.6.4.1.

                         There have not been any regulatory actions or other
                    judicial or adversary proceedings involving the Company
                    concerning any of such items of intangible personal
                    property, nor to the best knowledge of the Sellers is any
                    such action or proceeding threatened;

                         3.6.4.2.

                         The Company has the right and authority to use said
                    items of intangible personal property in connection with the
                    conduct of its business in the manner presently conducted
                    and, subject to the receipt of those consents listed on
                    Schedule 3.7., to convey such night and authority to Buyer,
                    and to the best knowledge of the Sellers such use does not
                    conflict with, infringe upon or violate any patent,
                    trademark, servicemark, trade name, registration or similar
                    rights of any other person, firm or corporation;

                         3.6.4.3.

                         There are no outstanding, or threatened, disputes or
                    disagreements with respect to any licenses or similar
                    agreements or arrangements described in Schedule 3.6.4.; and

                         3.6.4.4.

                         Intentionally Left Blank.

                    3.6.5. SUBSIDIARIES.

                    Set forth on Schedule 3.6.5. is a list of all entities in
               which the Company holds a 5% or greater interest (the
               "Subsidiaries") and the percentage ownership

                                     EX-194

<PAGE>

               of the Company in each such entity. There are no options,
               warrants, convertible debt or other similar instruments entitling
               anyone to acquire any capital stock or other equity interest of
               any of the Subsidiaries.

               3.7. AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS.

               Except as set forth on Schedule 3.7., the execution and delivery
          of this Agreement by Sellers and the consummation of the transactions
          contemplated hereby will not result in a breach of any of the terms
          and provisions of, or constitute a default under, or conflict with:
          (i) any Contract as defined in Section 3.11. or any other material
          agreement, indenture or other instrument to which Sellers or the
          Company is a party or by which any of them is bound, subject to the
          receipt of those consents listed on Schedule 3.7. which have been
          obtained and provided to Buyer the breach or default of which would
          have a Material Adverse Effect, (ii) the Articles of Incorporation
          and Bylaws of the Company, (iii) any judgment, decree, order or award
          of any court, governmental body or arbitrator, or (iv) any law, rule
          or regulation applicable to Sellers or the Company, the breach or
          default of which would have a Material Adverse Effect.

               3.8. EMPLOYMENT AGREEMENTS; AND EMPLOYEE BENEFITS.

                    3.8.1.

                    Except as set forth on Schedule 3.8.1., there are no
               employment, consulting, severance pay, continuation pay,
               termination pay or indemnification agreements or other similar
               agreements of any nature whatsoever (collectively, "Employment
               Agreements") between the Company or a Subsidiary, on the one
               hand, and any current or former stockholder, officer, director,
               employee, consultant, or agent of the Company or a Subsidiary, on
               the other hand, that are currently in effect. Except as set forth
               on Schedule 3.8.1. there are no Employment Agreements or any
               other similar agreements to which the Company or any of its
               Subsidiaries is a party under which the transactions contemplated
               by this Agreement (i) will require any payment by the Company, a
               Subsidiary or Buyer, or any consent or waiver from any
               stockholder, officer, director, employee, consultant or agent of
               the Company, a Subsidiary or Buyer, or (ii) will result in any
               change in the nature of any rights of any stockholder, officer,
               director, employee, consultant or agent of the Company or a
               Subsidiary under any such Employment Agreement or other similar
               agreement.

                    3.8.2.

                    Schedule 3.8.2. sets forth Employee Benefit Plans of the
               Company and its Subsidiaries. The Company has made true and
               correct copies of all governing instruments and related
               agreements pertaining to such benefit plans available to Buyer.

                    3.8.3.

                                     EX-195

<PAGE>

                    Neither the Company, any Subsidiary nor any of their ERISA
               Affiliates sponsors or has ever sponsored, maintained,
               contributed to, or incurred an obligation to contribute to, any
               Employee Pension Benefit Plan.

                    3.8.4.

                    No individual shall accrue or receive additional benefits,
               service or accelerated rights to payments of benefits under any
               Employee Benefit Plan, including the right to receive any
               parachute payment, as defined in Section 28OG of the Code, or
               become entitled to severance, termination allowance or similar
               payments as a direct result of the transactions contemplated by
               this Agreement.

                    3.8.5.

                    No Employee Benefit Plan has participated in, engaged in or
               been a party to any non-exempt Prohibited Transaction, and
               neither the Company, a Subsidiary nor any of their ERISA
               Affiliates has had asserted against it any claim for taxes under
               Chapter 43 of Subtitle A of the Code and Sections 5,000 of the
               Code, or for penalties under ERISA Section 502(c), (i) or (1),
               with respect to any Employee Benefit Plan nor, to the knowledge
               of the Shareholders, is there a basis for any such claim. No
               officer, director or employee of the Company or a Subsidiary of
               the Company has committed a material breach of any responsibility
               or obligation imposed upon fiduciaries by Title I of ERISA with
               respect to any Employee Benefit Plan.

                    3.8.6.

                    Other than routine claims for benefits, there is no claim
               pending or to the knowledge of the Company and Shareholders
               threatened, involving any Employee Benefit Plan by any Person
               against such plan or the Company, any Subsidiary or any ERISA
               Affiliate. There is no pending or to the knowledge of the Company
               and Shareholders threatened proceeding involving any Employee
               Benefit Plan before the IRS, the U.S. Department of Labor or any
               other governmental authority.

                    3.8.7.

                    There is no violation of any reporting or disclosure
               requirement imposed by ERISA or the Code with respect to any
               Employee Benefit Plan.

                    3.8.8.

                    To the best knowledge of Sellers, each Employee Benefit Plan
               has at all times prior hereto been maintained in all material
               respects, by its terms and in operation, in accordance with ERISA
               and the Code. The Company, each Subsidiary and their ERISA
               Affiliates have made full and timely payment of all amounts
               required to be contributed under the terms of each Employee
               Benefit

                                     EX-196

<PAGE>

               Plan and applicable law or required to be paid as expenses under
               such Employee Benefit Plan, and the Company, each such Subsidiary
               and their ERISA Affiliates shall continue to do so through the
               Closing. Each Employer Benefit Plan intended to be qualified
               under Code Section 401 (a) has received a determination letter to
               that effect from the Internal Revenue Service and no event has
               occurred and no amendment has been made that would adversely
               affect such qualified status.

                    3.8.9.

                    With respect to any group health plans maintained by the
               Company, any Subsidiary or their ERISA Affiliates, whether or not
               for the benefit of the Company's or such Subsidiary's employees,
               the Company and its ERISA Affiliate have complied in all material
               respects with the provisions of Part 6 of Title I of ERISA and
               4980B of the Code. Neither the Company nor any Subsidiary is
               obligated to provide health care benefits of any kind to its
               retired employees pursuant to any Employee Benefit Plan,
               including without limitation any group health plan, or pursuant
               to any agreement or understanding, except as required by law.

                    3.8.10.

                    The Company has made available to the Buyer a copy of (i)
               the three (3) most recently filed Federal Form 5500 series and
               accountant's opinion, if applicable, for each Employee Benefit
               Plan and all applicable Internal Revenue Service determination
               letters.

                    3.8.11.

                    For purposes of this Section 3.8., the following definitions
               shall apply:

                         3.8.11.1.

                         "Benefit Arrangement" means any material benefit
                    arrangement that is not an Employee Benefit Plan, including,
                    without limitation, (i) each employment or consulting
                    agreement, (ii) each arrangement providing for insurance
                    coverage or workers' compensation benefits, (iii) each
                    incentive bonus or deferred bonus arrangement, (iv) each
                    arrangement providing termination allowance, severance or
                    similar benefits, (v) each equity compensation plan, (vi)
                    each deferred compensation plan and (vii) each compensation
                    policy and practice maintained by the Company or any ERISA
                    Affiliate covering the employees, former employees,
                    directors and former directors of the Company, and the
                    beneficiaries of any of them.

                         3.8.11.2.

                                     EX-197

<PAGE>

                         "COBRA" means the Consolidated Omnibus Budget
                    Reconciliation Act of 1985, as amended, as set forth in
                    Section 4980B of the Code and Part 6 of Title I of ERISA.

                         3.8.11.3.

                         "Code" means the Internal Revenue Code of 1986, as
                    amended.

                         3.8.11.4.

                         "Employee Benefit Plan" means any employee benefit
                    plan, as defined in Section 3(3) of ERISA, that is sponsored
                    or contributed to by the Company or any ERISA Affiliate
                    covering employees or former employees of the Company.

                         3.8.11.5.

                         "Employee Pension Benefit Plan" means any employee
                    pension benefit plan, as defined in Section 3(2) of ERISA,
                    that is subject to Title IV of ERISA.

                         3.8.11.6.

                         ERISA" means the Employee Retirement Income Security
                    Act of 1974, as amended.

                         3.8.11.7.

                         ERISA Affiliate" of any person means any other person
                    that, together with such person as of the relevant measuring
                    date under ERISA, was or is required to be treated as a
                    single employer under Section 414 of the Code.

                         3.8.11.8.

                         "Prohibited Transaction" means a transaction that is
                    prohibited under Section 4975 of the Code or Section 406 of
                    ERISA and not exempt under Section 4975 of the Code or
                    Section 408 of ERISA, respectively.

                    3.8.12.

                    Retirement Plan. The Company currently maintains the Control
               Products of Louisiana, Inc. Profit Sharing Plan (the "Plan")
               which will remain operative and in effect through the Closing.
               The Plan will be terminated as of the Effective Date of the sale
               of the Company. The Plan will be terminated as of the Effective
               Date of the sale and distributed to vested employees of the
               Company in accordance with the terms of the

                                     EX-198
<PAGE>

               Plan. The Trustee for the Plan will be responsible for the
               termination, allocation and distribution of plan assets and
               related notices and other reporting responsibilities to the
               Internal Revenue Service, Department of Labor, and other
               government agencies. All such termination costs will be paid from
               Plan assets, if permitted by law. To the extent expenses are not
               permitted to be paid with Plan assets, the Sellers shall bear
               these expenses.

               3.9. LABOR AND EMPLOYMENT MATTERS.

                    3.9.1.

                    Except as set forth on Schedule 3.9.1., no collective
               bargaining agreement exists that is binding on the Company or any
               Subsidiary and, except as described on Schedule 3.9.1., no
               petition has been filed or proceedings instituted by an employee
               or group of employees with any labor relations board seeking
               recognition of a bargaining representative. Schedule 3.9.1.
               describes any organizational effort currently being made or
               threatened by or on behalf of any labor union to organize any
               employees of the Company or any Subsidiary.

                    3.9.2.

                    Except as set forth on Schedule 3.9.2., (i) there is not
               now, and to the Shareholders' knowledge, never has been, any
               labor strike, dispute, slow down or stoppage pending or, to the
               Shareholders' knowledge, threatened, against or directly
               affecting the Company or any Subsidiary, (ii) no grievance or
               arbitration proceeding arising out of or under any collective
               bargaining agreement is pending, and no claims therefore exist;
               and (iii) neither the Company, any Subsidiary nor any Shareholder
               has received any notice or has any knowledge of any threatened
               labor or civil rights dispute, controversy or grievance or any
               other unfair labor practice proceeding or breach of contract
               claim or action with respect to claims of, or obligations to, any
               employee or group of employees of the Company or any Subsidiary.

                    3.9.3.

                    The Company has fewer than fifty (50) employees.

                    3.9.4.

                    To the best knowledge of the Sellers, the Company and its
               Subsidiaries have complied and are currently complying, in
               respect of all employees of the Company and its Subsidiaries with
               all applicable laws respecting employment and employment
               practices and the protection of the health and safety of
               employees, from whatever source such law may be derived,
               including, without limitation, statutes, ordinances, laws, rules,
               regulations, policies, standards, judicial or administrative
               precedents, judgments, orders, decrees, awards,

                                     EX-199

<PAGE>

               citations, licenses, official interpretations and guidelines,
               except for such instances which are not, in the aggregate,
               material.

                    3.9.5.

                    All individuals who are performing or have performed
               services for the Company, any Subsidiary and are or were
               classified by the Company or any Subsidiary as "independent
               contractors" qualify for such classification under Section 530 of
               the Revenue Act of 1978 or Section 1706 of the Tax Reform Act
               of 1986, as applicable, except for such instances which are not,
               in the aggregate, material.

               3.10. LITIGATION.

                    3.10.1.

                    Except for (i) claims listed in Schedule 3.10. and (ii)
               claims for the collection of accounts arising out of the sale or
               purchase of goods or services in the ordinary course of business
               involving less than $10,000 individually or $50,000 in the
               aggregate, there are no claims, disputes, actions, proceedings or
               investigations of any nature pending or, to the knowledge of
               Sellers, threatened against the Company, or any of the officers,
               partners, shareholders, affiliates or employees of the Company.

                    3.10.2.

                    No claim, action, suit, investigation, or other proceeding
               is pending or, to the best knowledge of Sellers, threatened
               before any court or governmental agency which presents a risk of
               the restraint or prohibition of the transactions contemplated by
               this Agreement or the obtaining of indemnification or other
               relief in connection therewith.

               3.11. CONTRACTS.

                    3.11.1.

                    Schedule 3.11. sets forth a true and correct list of each
               contract to which the Company is a party, or to which any Seller
               is a party and which relates to the business of the Company
               ("Contracts"), except:

                         3.11.1.1.

                         Agreements for the purchase by the Company of goods,
                    materials or services in the ordinary course of business
                    involving less than $ 10,000 in consideration in each such
                    case;

                         3.11.1.2.

                                     EX-200

<PAGE>

                         Agreements for the sale, rental or service by the
                    Company of goods or services in the ordinary course of
                    business in which the payment to be received pursuant to
                    each such agreement is less than $10,000 for each such
                    non-listed agreement;

                         3.11.1.3.

                         Agreements which are terminable at will by the Company
                    upon no more than 60 days notice without penalty, default or
                    liability and involving an amount less than $10,000; and

                         3.11.1.4.

                         Agreements continuing for a period of six months or
                    less involving an amount less than $10,000 for each such
                    nonlisted agreement.

                    3.11.2.

                    Except as set forth in Schedule 3.11.

                         3.11.2.1.

                         Each Contract is a valid and binding agreement of the
                    Company and, to the knowledge of Sellers, of the other
                    parties thereto, subject to the effect of bankruptcy and
                    creditors' rights generally;

                         3.11.2.2.

                         The Company has fulfilled all material obligations
                    required pursuant to each Contract to have been performed by
                    it or on its part prior to the date hereof, and Sellers know
                    of no reason why, assuming Buyer continues to operate the
                    Company in the same manner as Sellers, the Company will be
                    able to fulfill, when due, all of its non-monetary
                    obligations under the Contracts which remain to be performed
                    after the date hereof,

                         3.11.2.3.

                         There has not occurred any material default under any
                    Contract on the part of the Company or on the part of the
                    other parties thereto; and there has not occurred any event
                    which with the giving of notice or the lapse of time, or
                    both, would constitute any material default under any of the
                    Contracts; and

                         3.11.2.4.

                         Except as provided in the Contracts, the Company is
                    not, outside the ordinary course of business, under any
                    liability or obligation with respect to the return of
                    inventory or products sold, rented or serviced by it which
                    are in the possession of distributors, wholesalers,
                    retailers or other customers.

               3.12. REGULATORY APPROVALS.

               All material consents, approvals, authorizations and other
          requirements prescribed by any law, rule or regulation which must be
          obtained or satisfied by the Company or Sellers and which are
          necessary for the execution and delivery by Sellers of this Agreement
          and the documents to be executed and delivered by Sellers in
          connection herewith have been obtained and satisfied.

                                     EX-201
<PAGE>

               3.13. COMPLIANCE WITH LAW.

               The Company has not, and its business as presently conducted does
          not, violate, in any respect any Federal, state, local or foreign
          laws, regulations or orders (including, but not limited to, any of the
          foregoing relating to employment discrimination, occupational safety,
          environmental protection, conservation, or corrupt practices), the
          enforcement of which would have a Material Adverse Effect, and the
          Company has not received any notice of any such violation. Sellers
          have obtained all permits, approvals, and consents of all governmental
          bodies or agencies necessary or appropriate so that consummation of
          the transactions contemplated by this Agreement will be in compliance
          with applicable laws, the noncompliance with which would have a
          Material Adverse Effect.

               3.14. INDEBTEDNESS FROM EMPLOYEES.

               Except as set forth in Schedule 3.14. no employee of the Company
          is indebted to the Company, except for advances made to any employees
          in the ordinary course of business to meet reimbursable business
          expenses anticipated to be incurred by such employee.

               3.15. ACCOUNTS RECEIVABLE.

               Except as set forth in Schedule 3.15., the accounts, accounts
          receivable, notes and notes receivable of the Company existing on the
          Closing Date arose out of the sales of inventory or services in the
          ordinary course of business and are collectible in full, net of the
          reserve set forth in the Closing Financial Statement, which reserves
          are reasonable and were calculated consistent with past practices.

               3.16. INSURANCE.

               Schedule 3.16. sets forth a true and correct list of all
          insurance policies either maintained by the Company or maintained by
          any other person which relate to the Company in any manner whatsoever
          at the date hereof. There are no outstanding requirements or
          recommendations by any insurance company that issued any such policy
          or by any Board of Fire Underwriters or other similar body exercising
          similar functions or by any governmental authority exercising similar
          functions which requires or recommends any changes in the conduct of
          the business of, or any repairs or other work to be done on or with
          respect to any of the properties or assets of, the Company. The
          Company has not received any notice or other communication from any
          such insurance company within the three (3) years preceding the date
          hereof canceling or materially amending or materially increasing the
          annual or other premiums payable under any of said insurance policies,
          and no such cancellation, amendment or increase of premiums is
          threatened, except as set forth on Schedule 3.16.

               3.17. POWERS OF ATTORNEY AND SURETYSHIPS.

                                     EX-202

<PAGE>

               The Company has no general or special powers of attorney
          outstanding (whether as grantor or grantee thereof) and has no
          obligation or liability (whether actual, accrued, accruing, contingent
          or otherwise) as guarantor, surety, co-signer, endorser, co-maker,
          indemnitor or otherwise in respect of the obligation of any person,
          corporation, partnership, joint venture, association, organization or
          other entity, except as endorser or maker of checks or letters of
          credit, respectively, endorsed or made in the ordinary course of
          business.

               3.18. NO UNDISCLOSED LIABILITIES.

               Except as and to the extent specifically reflected or reserved
          against in the Company's April 30, 2000 Financial Statement or
          otherwise disclosed herein, the Company has no liabilities or
          obligations of any nature, whether absolute, accrued, contingent or
          otherwise, and whether due or to become due (including, without
          limitation, any liability for taxes and interest, penalties and other
          charges payable with respect to any such liability or obligation)
          which in the aggregate would constitute a Material Adverse Effect.

               3.19. ENVIRONMENTAL MATTERS.

               As of the date hereof, (a) the Company has generated, utilized,
          stored, delivered for disposal, disposed of, treated, transported, and
          otherwise managed all materials, substances, and wastes, whether
          toxic, hazardous or otherwise, in compliance with all laws, rules,
          regulations, ordinances, guidelines, and the common law, except to the
          extent any such failure would not have a Material Adverse Effect; (b)
          the real property owned, leased, or operated by either (i) Sellers
          relating to the Company, or (ii) the Company is not listed on the
          National Priorities List, CERCLIS, RCRIS, or any comparable state
          listing which identifies sites for removal, remedial, clean-up or
          investigatory actions; (c) no amounts, which require remediation or
          reporting under applicable law, of asbestos, PCB's, ureaformaldehyde,
          hazardous and solid wastes, hazardous or toxic substances, petroleum
          products, pollutants or contaminates, and no above or underground
          storage tanks, have become located on the real property owned, leased,
          or currently operated by the Company, except to the extent the
          existence or remediation of such substances would not result in a
          Material Adverse Effect; and (d) the real property owned, leased, or
          operated by the Company has not been contaminated, tainted or polluted
          in any manner whatsoever (including, without limitation, any
          contamination of or injury or damage to soils, groundwater waters,
          biota, and wildlife located on, in, under or originating from such
          premises) with pollutants, contaminants or other substances or
          materials so as to give rise to a removal, remediation, clean-up, or
          investigatory obligation or action, and Sellers do not now have
          knowledge of any removal, remediation, investigatory or cleanup
          obligation or action which the Company has with respect thereto under
          any law, rule, regulation, guideline, ordinance, whether domestic or
          foreign, Federal, state, or local, or the common law, except to the
          extent any failure to comply with any such obligation would not result
          in a Material Adverse Effect. Buyer acknowledges receipt of that
          certain Phase I Environmental Site Assessment and Limited Compliance
          Review dated September 2000 by Camp Dresser & McKee, showing no
          asbestos, PCBs, ureaformaldehyde,

                                     EX-203

<PAGE>

          hazardous or solid wastes, hazardous or toxic substances, petroleum
          products, pollutants or contaminants, or above or underground storage
          tanks in need of remediation and that no real property operated or
          leased by the Company has had water or soil contamination or pollution
          which would require removal, remediation or clean up.

               3.20. CONFLICT OF INTEREST.

               Except as disclosed in Schedule 3.20., no officer, director or
          shareholders of the Company or any of their ascendants, descendants,
          or spouses, or any entity in which any of said persons has an
          ownership or equity interest, or any entity in which any of said
          persons has a management or director position, excluding any publicly
          traded company in which any of said persons has an ownership interest
          of less than 5% (herein called "affiliate") now has or within the last
          three (3) years had, either directly or indirectly:

                    3.20.1.

                    any equity or debt interest in any corporation, partnership,
               joint venture, association, organization or other person or
               entity which furnishes or sells or during such period furnished
               or sold services or products to the Company, or purchases or
               during such period purchased from the Company any goods or
               services, or otherwise does or during such period did business
               with the Company; or

                    3.20.2.

                    a beneficial interest in any contract, commitment or
               agreement, formal or informal, to which the Company is or was a
               party or under which it was obligated or bound or to which its
               properties may be or may have been subject, other than stock
               options and other contracts, commitments or agreements between
               the Company and such persons in their capacities as employees,
               officers or directors of the Company; or

                    3.20.3.

                    loaned money to or borrowed money from the Company.

               3.21. TAXES.

                    3.21.1.

                    For purposes of this Agreement: (i) the term "Taxes" means
               (A) all Federal, state, local, foreign and other net income,
               gross income, gross receipts, sales, use, ad valorem, value
               added, intangible, unitary, capital gain, transfer, franchise,
               profits, license, lease, service, service use, withholding,
               backup withholding, payroll, employment, estimated, excise,
               severance, stamp,

                                     EX-204

<PAGE>

               occupation, premium, property, prohibited transactions, windfall
               or excess profits, customs, duties or other taxes, fees,
               assessments or charges of any kind whatsoever, together with any
               interest and any penalties, additions to tax or additional
               amounts with respect thereto, (B) any liability for payment of
               amounts described in clause (A) whether as a result of transferee
               liability, of being a member of an affiliated, consolidated,
               combined, unitary or other similar group for any period, or
               otherwise through operation of law and (C) any liability for the
               payment of amounts described in clauses (A) or (B) as a result of
               any tax sharing, tax indemnity or tax allocation agreement or any
               other express or implied agreement to indemnify any other Person;
               and the term "Tax" means any one of the foregoing Taxes; and (ii)
               the term "Returns" means all returns, declarations, reports,
               statements and other documents required to be filed in respect of
               Taxes; and the term "Return" means any one of the foregoing
               Returns.

                    3.21.2.

                    Schedule 3.21.2. sets forth: (1) the taxable years of the
               Company and Tax Affiliates (as defined in Section 3.21.3.) as to
               which the respective statutes of limitations on the assessment of
               United States Federal income and any applicable state, local or
               foreign income or franchise Taxes have not expired, and (ii) with
               respect to such taxable years sets forth those years for which
               examinations by the IRS or the state, local or foreign taxing
               authority have been completed, those years for which examinations
               by such agencies are presently being conducted, those years for
               which notice of pending or threatened examination or adjustment
               has been received, those years for which examinations by such
               agencies have not been initiated, and those years for which
               required Returns for such Taxes have not yet been filed. Except
               to the extent indicated in Schedule 3.21.2., all deficiencies
               asserted or assessments made as a result of any examinations by
               the IRS or state, local or foreign Tax authority have been fully
               paid, or are fully reflected as a liability in the Company's
               April 30, 2000 Financial Statement, or are fully described in
               Schedule 3.21.2., are being contested in good faith and an
               adequate reserve therefore has been established and is fully
               reflected in the Company's April 30, 2000 Financial Statement to
               the extent required by generally accepted accounting principles
               consistently applied ("GAAP"). Except as described in Schedule
               3.21.2., there are no Returns that are presently under
               examination with respect to Taxes, there are no proposed (whether
               oral or written) or final adjustments, assessments or
               deficiencies with respect to Taxes currently pending, and there
               are no outstanding notices of proposed or actual audit,
               examination or investigation with respect to Taxes.

                    3.21.3.

                    SELLERS represent and warrant to Buyer that, except as
               described in Schedule 3.21.3.:

                         3.21.3.1.

                                     EX-205

<PAGE>

                    the Company, and every other person for whose Taxes the
                    Company is or could be held liable (whether by reason of
                    being a member of a consolidated, combined, unitary, or
                    other similar group for Tax purposes, by reason of being a
                    successor, by agreement or otherwise (for the taxable
                    period(s) or portions thereof with respect to which the
                    Company is or could be held for such other Person's Taxes)
                    (all such persons collectively referred to herein as "Tax
                    Affiliates"), have filed on a timely basis all Returns
                    required to have been filed by it and have paid on a timely
                    basis all Taxes shown thereon as due. All such Returns are
                    true, complete and correct in all material respects. The
                    provisions for taxes in the Company's April 30, 2000
                    Financial Statement sets forth the maximum liability of the
                    Company and Tax Affiliates for Taxes as of the date thereof
                    No liability for Taxes has been incurred by the Company or
                    any Tax Affiliate since April 30, 2000 other than in the
                    ordinary course of their business. No director, officer or
                    employee of the Company or any Tax Affiliate having
                    responsibility for Tax matters is in discussions with Tax
                    authorities or has reason to believe that any Tax authority
                    has valid grounds to claim or assess any additional Tax with
                    respect to the Company or any Tax Affiliate in excess of the
                    amounts shown on the Company's April 30, 2000 Financial
                    Statement for the period ending on such date;

                         3.21.3.2.

                         with respect to all amounts in respect of Taxes imposed
                    upon the Company or Tax Affiliates, or for which the Company
                    is or could be liable, whether to taxing authorities (as,
                    for example, under law) or to other persons or entities (as,
                    for example, under tax allocation agreements), and with
                    respect to all taxable periods or portions of periods ending
                    on or before the Closing, all applicable Tax laws and
                    agreements have been fully complied with in all material
                    respects, and all such amounts required to be paid by the
                    Company and Tax Affiliates to Tax authorities or others have
                    been paid;

                         3.21.3.3.

                         none of the Returns required to be filed by the Company
                    or any Tax Affiliate contains, or were required to contain
                    (in order to avoid the imposition of a penalty), a
                    disclosure statement under Section 6662 (or any predecessor
                    provision) of the Code, or any similar provision of state,
                    local or foreign law;

                         3.21.3.4.

                         all amounts that were required to be collected or
                    withheld by the Company or any Tax Affiliate have been duly
                    collected or withheld in all material respects, and all such
                    amounts that were required to be remitted to any Tax
                    authority have been duly remitted in all material respects;

                         3.21.3.5.

                         the Company and Tax Affiliates have not requested an
                    extension of time to file any Return not yet filed, and have
                    not granted any waiver of any statute of limitations with
                    respect to, or any extension of a period for

                                     EX-206

<PAGE>

                    the assessment of, any Tax. No power of attorney granted by
                    the Company or any Tax Affiliate with respect to Taxes is in
                    force;

                         3.21.3.6.

                         Sellers, the Company and Tax Affiliates have not taken
                    any action not in accordance with past practice that would
                    have the effect of deferring any material Tax liability of
                    the Company or any Tax Affiliate from any taxable period or
                    portion thereof ending on or before or including the Closing
                    to any subsequent taxable period;

                         3.21.3.7.

                         Schedule 3.21.3.7. sets forth all Tax Affiliates during
                    all periods with respect to which the applicable statue of
                    limitations on the assessment of Taxes remains open;

                         3.21.3.8.

                         there are no actual or deemed elections under Section
                    338 of the Code, protective carryover basis elections,
                    offset prohibition elections or similar elections applicable
                    to the Company or any Tax Affiliate;

                         3.21.3.9.

                         except for the Section 263A adjustment made by the
                    Company each year with its annual 1120S tax return, neither
                    the Company nor any Tax Affiliate is required to include in
                    income any adjustment pursuant to Sections 481 or 263A of
                    the Code (or similar provisions of other law or regulations)
                    by reason of a change in accounting method or otherwise,
                    following the Closing, and Sellers have no knowledge that
                    the IRS (or other Tax authority) has proposed, or is
                    considering, any such change in accounting method or other
                    adjustment;

                         3.21.3.10.

                         there are no liens for Taxes (other than for current
                    Taxes not yet due and payable) upon the assets of the
                    Company;

                         3.21.3.11.

                         the Company is not party to any agreement, contract,
                    arrangement or plan that has resulted or would result,
                    separately or in the aggregate, in the payment of any
                    "excess parachute payments" within the meaning of Section
                    28OG of the Code, whether by reason of the Closing or
                    otherwise;

                         3.21.3.12.

                                     EX-207

<PAGE>

                         the Company is not, and has not been, a United States
                    real property holding corporation (as defined in Section
                    897(c)(2) of the Code) during the applicable period
                    specified in Section 897(c)(1)(A)(ii) of the Code (or any
                    corresponding provision of state, local or foreign Tax law);

                         3.21.3.13.

                    neither the Company nor any Tax Affiliate has or has had a
                    permanent establishment in any foreign country, as defined
                    in any applicable Tax treaty or convention between the
                    United States of America and such foreign country and the
                    Company has not engaged in a trade or business within any
                    foreign country;

                         3.21.3.14.

                    neither the Company nor any Tax Affiliate is a party to any
                    joint venture, partnership, or other arrangement or contract
                    which could be treated as a partnership for Federal income
                    tax purposes;

                         3.21.3.15.

                    there are no intercompany gains, intercompany items, excess
                    loss accounts or other similar items that will be recognized
                    as a result of the acquisition of the shares of the Company
                    pursuant to this Agreement, and no election has been made
                    with respect to the Company under Treasury Regulation ss.
                    1.1502-20 or to discontinue filing consolidated returns with
                    any Tax Affiliate;

                         3.21.3.16.

                    neither the Company nor any Tax Affiliate has filed a
                    consent pursuant to the collapsible corporation provisions
                    of Section 341(f) of the Code (or any corresponding
                    provision of state, local or foreign income Tax law) or
                    agreed to have Section 341(f)(2) of the Code (or any
                    corresponding provision of state, local or foreign income
                    Tax law) apply to any disposition of any asset owned by any
                    of them;

                         3.21.3.17.

                    neither the Company nor any Tax Affiliate has participated
                    in an international boycott within the meaning of Section
                    999 of the Code;

                         3.21.3.18.

                    the Company is not a party to or bound by any Tax sharing
                    agreement, and has no current or contingent contractual
                    obligation to indemnify any other person with respect to
                    Taxes, other than obligations to indemnify a lessor for
                    property Taxes, sales/use Taxes or gross receipts Taxes (but
                    not income or franchise Taxes) imposed on lease payments
                    arising from terms that are customary for leases of similar
                    property;

                         3.21.3.19.

                    the Company is not a party to or bound by any closing
                    agreement or offer in compromise with any Tax authority;

                         3.21.3.20.

                                     EX-208

<PAGE>

                         none of the assets of the Company is property that the
                    Company is required to treat as being owned by any other
                    person pursuant to the socalled "safe harbor lease"
                    provisions of former Section 168(f)(8) of the Internal
                    Revenue Code of 1954, as amended; none of the assets of the
                    Company directly or indirectly secures any debt the interest
                    on which is tax exempt under Section 103(a) of the Code;
                    none of the assets of the Company is "tax-exempt use
                    property" within the meaning of Section 168(h) of the Code;

                    3.21.3.21.

                         Schedule 3.21.3.21. sets forth all material elections
                    with respect to Taxes of the Company and Tax Affiliates made
                    since December 1, 1989;

                    3.21.3.22.

                         Schedule 3.21.3.22. sets forth all Returns with respect
                    to the Company and Tax Affiliates the due dates for which
                    (including any valid extensions thereof) are sixty or fewer
                    days following the Closing, and the Taxes for which
                    estimated or final payments may, based on the current
                    operations of the Company and Tax Affiliates, become due in
                    sixty or fewer days following the Closing;

                    3.21.3.23.

                         Schedule 3.21.3.23. sets forth all state, local or
                    foreign jurisdictions in which the Company is or at any time
                    during the past five years has been subject to Tax.

                    3.21.3.24.

                         the Company has had in effect at all times since April
                    1, 1994 through the date immediately preceding the date of
                    the Closing a valid election under Section 1361 of the Code
                    (and any predecessor provision and any similar provision of
                    applicable state, local or other Tax law). The Company has
                    not incurred any liability for Taxes pursuant to Section
                    1374 or 1375 of the Code (and any predecessor provision and
                    any similar provision applicable state, local or other Tax
                    law).

                    3.21.3.25.

                         all outstanding options to acquire equity of the
                    Company that purport to or were otherwise intended (when
                    issued) to be treated as "incentive stock options" ("ISOs")
                    within the meaning of Section 422 of the Code (and any
                    predecessor provision and any similar provision applicable
                    state, local or other Tax law) were issued in compliance
                    with such section. All such outstanding options currently
                    qualify for treatment as ISOs, and are held by persons who
                    are employees of the Company.

               3.22. LIENS.

               Except as disclosed on Schedule 3.22., none of the properties and
          assets owned, leased, and/or used by the Company or its Subsidiaries
          is subject to any lien, charge, mortgage, pledge, security interest,
          or other encumbrance of any kind. Schedule 3.22 also sets forth a
          description of any indebtedness owed by the Company which is
          guaranteed in writing by any of the Sellers and/or secured by
          collateral granted by any of the Sellers.

                                     EX-209

<PAGE>

               3.23. OTHER INFORMATION.

               The information provided by Sellers to Buyer in this Agreement or
          in the Schedules does not contain any untrue statement of a material
          fact or omit to state a material fact required to be stated herein or
          therein or necessary to make the statements and facts contained herein
          or therein, in light of the circumstances in which they are made, not
          false or misleading. There is no fact known to any of the Sellers that
          has any specific application to the Company (other than general
          economic or industry conditions) that could have a Material Adverse
          Effect on the assets, business, prospects, financial condition, or
          results of operations of the Company that has not been set forth in
          this Agreement or in the attached Schedules. Copies of all due
          diligence documents and materials heretofore delivered or made
          available to Buyer were complete and accurate in all material
          respects. The parties acknowledge that said due diligence documents
          and materials are as contained in three binders certified to be
          complete and correct in all material respects as of the Closing. To
          the extent there is a conflict between the information contained in
          the due diligence documents and materials and in this Agreement and
          the Schedules, then this Agreement and the Schedules shall control
          such conflict.

               3.24. NO OTHER REPRESENTATIONS.

               Sellers are not making any representation or warranty, express or
          implied, of any nature whatsoever, except as specifically set forth in
          this Agreement and the other documents executed in connection
          herewith.

               3.25. NO KNOWN BREACHES.

               Sellers have no actual knowledge that Buyer's representations and
          warranties in this Agreement are untrue and Sellers shall not be
          entitled to make any indemnity claims pursuant to Section 6. hereof
          with respect to any matters constituting a breach of this Section
          3.24.

          4.   REPRESENTATIONS AND WARRANTIES OF BUYER.

          Buyer represents and warrants to Sellers that:

               4.1. ORGANIZATION.

               Buyer is duly organized, validly existing amid in good standing
          under the laws of the State of Delaware and has all requisite
          corporate power and authority to enter into this Agreement and to
          consummate the transactions contemplated hereby.

               4.2. CORPORATE AUTHORITY.

               This Agreement and all other agreements herein, contemplated to
          be executed in connection herewith have been duly executed and
          delivered by Buyer, have been

                                     EX-210

<PAGE>

          effectively authorized by all necessary action, corporate or
          otherwise, and constitute legal, valid and binding obligations of
          Buyer,

               4.3. AGREEMENT NOT IN BREACH OF OTHER INSTRUMENTS.

               The execution and delivery of this Agreement, the consummation of
          the transactions contemplated hereby and the fulfillment of the terms
          hereof will not result in a breach of any of the terms or provisions
          of, or constitute a default under, or conflict with, any material
          agreement, indenture or other instrument to which Buyer is a party or
          by which it is bound, Buyer's Certificate of Incorporation or Bylaws,
          any judgment, decree, order or award of any court, governmental body
          or arbitrator, or any law, rule or regulation applicable to Buyer.

               4.4. INVESTMENT INTENT.

               Buyer is acquiring the Shares with the intention as of the date
          hereof of holding the Shares for purposes of investment, and Buyer has
          no intention as of the date hereof of selling the Shares in a public
          distribution in violation of Federal securities laws or any applicable
          state securities laws.

               4.5. REGULATORY AND OTHER APPROVALS.

               All consents, approvals, authorizations and other requirements
          prescribed by any law, rule or regulation, including any third party
          consents, which must be obtained or satisfied by Buyer and which are
          necessary for the execution and delivery of this Agreement and the
          consummation of the transactions contemplated by this Agreement have
          been obtained and satisfied.

               4.6. NO KNOWN BREACHES.

               Buyer has no actual knowledge that Sellers' representations and
          warranties in this Agreement are untrue, and Buyer shall not be able
          to make any indemnity claims pursuant to Section 6. hereof with
          respect to any matters constituting a breach of this Section 4.6.

               4.7. OTHER INFORMATION.

               The information provided by Buyer to Sellers in this Agreement or
          in the Schedules does not contain any untrue statement of a material
          fact or omit to state a material fact required to be stated herein or
          therein or necessary to make the statements and facts contained herein
          or therein, in light of the circumstances in which they are made, not
          false or misleading.

               4.8. FINANCIAL CAPABILITY.

               Buyer is financially capable of closing the business transaction
          contemplated by this Agreement on the terms set forth in this
          Agreement as well as the ancillary documents relating thereto,
          including all Employment Contracts, and has further

                                     EX-211

<PAGE>

          obtained sufficient means of financing to provide for the working
          capital needs of the Company following the Closing, to operate the
          Company at a level of business activity of a magnitude equal to or
          greater than it has historically been operated.

               4.9. BUSINESS KNOWLEDGE.

               Buyer is knowledgeable in the business of manufacture and repair
          of flow control equipment used in the oil and gas business and is
          familiar with the business opportunities and risks associated
          therewith.

               4.10. NO OTHER REPRESENTATIONS.

               Buyer is not making any representation or warranty, express or
          implied, of any nature whatsoever, except as specifically set forth in
          this Agreement and the other documents executed in connection
          herewith.

          5.   CERTAIN UNDERSTANDINGS AND AGREEMENTS OF THE PARTIES.

               5.1. COOPERATION IN LITIGATION.

               Each party will fully cooperate with the other in the defense or
          prosecution of any litigation or proceeding already instituted or
          which may be instituted hereafter against or by such party relating to
          or arising out of the conduct of the Company prior to or after the
          Closing Date (other than litigation arising out of the transactions
          contemplated by this Agreement). The party requesting such cooperation
          shall pay the out-of-pocket expenses (including legal fees and
          disbursements) of the party providing such cooperation and of its
          officers, directors, employees and agents reasonably incurred in
          connection with providing such cooperation, but shall not be
          responsible to reimburse the party providing such cooperation for such
          party's time spent in such cooperation or the salaries or costs of
          fringe benefits or other similar expenses paid by the party providing
          such cooperation to its officers, directors, employees and agents
          while assisting in the defense or prosecution of any such litigation
          or proceeding. Notwithstanding the foregoing, the parties agree that
          the provisions of this Section 5.1. shall apply to the Sellers as
          follows: for each Seller that is an employee of the Company after
          Closing, the provisions of Section 5.1. shall apply to such Seller
          while he is an employee of the Company and for one year following the
          termination of such employment; and for each Seller that is not an
          employee of the Company after Closing, the provisions of Section 5.1.
          shall apply to such Seller for one year after Closing.

               5.2. TAX MATTERS.

                    5.2.1. PRE-CLOSING RETURNS.

                    Sellers will be responsible for and will cause to be
               prepared and duly filed all Returns in which the Company is
               includable for all taxable periods ending on or before the
               Closing. All such Returns shall be prepared in a manner
               consistent with prior periods. All such Returns filed after the
               Closing shall be submitted to

                                     EX-212

<PAGE>

               Buyer no later than thirty (30) days (including any applicable
               extensions) for federal and state Taxes and as soon as available
               but not less than ten (10) days (including applicable extensions)
               for all other Taxes prior to the due date and filing thereof, and
               Buyer shall have the right to review and comment thereon (without
               reduction of Sellers' obligations to indemnify under this
               Agreement). Sellers will pay or cause to be paid, and shall
               indemnify and hold Buyer and the Company (subject to the
               limitations set forth in Section 6.8.(b) and (c) of this
               Agreement) harmless against, all Taxes to which such Returns
               relate; provided, however, that to the extent such Taxes are
               included on the Closing Financial Statement (as finally
               determined) or an attachment or schedule thereto, Company shall
               pay such taxes and, to the extent said Taxes were included as a
               liability on the Closing Financial Statement, no reimbursement
               shall be due from Sellers; provided, however, Sellers agree and
               understand that all Taxes due and payable by the Company related
               to pre-Closing periods must be paid by Sellers or such Taxes will
               be treated as a reduction to the Purchase Price via a reduction
               to Net Working Capital.

                    5.2.2. OVERLAP PERIOD RETURNS

                    Other than Returns to be prepared by Sellers pursuant to
               Section 5.2.1., Buyer will prepare or cause to be prepared all
               Returns of the Company for any and all taxable periods which
               include and end after the Closing (the "Overlap Period"), and any
               taxable period beginning after the Closing. Sellers will be
               responsible for and will indemnify and hold harmless Buyer, and
               the Company with respect to all Taxes for the Overlap Period in
               an amount equal to the liability for Taxes that would have
               resulted had the Overlap Period ended at the Closing (subject to
               the limitations set forth in Section 6.8. (b) and (c) of this
               Agreement) (utilizing, if applicable, the actual tax rate imposed
               on a particular category of income by the applicable taxing
               jurisdiction), except to the extent such Taxes are included on
               the Closing Financial Statement (as finally determined) or an
               attachment or schedule thereto. Any amount so payable by Sellers
               will be remitted to Buyer at least ten business days prior to the
               due date of the respective Returns pursuant to written notice by
               the Buyer of such due date; provided that Sellers approve of the
               amount (such approval not to be unreasonably withheld).

                    5.2.3. AMENDED RETURNS.

                    From and after the date hereof, Sellers and their affiliates
               shall not file or cause to be filed any amended Return with
               respect to the Company, and Sellers and their affiliates shall
               not file a claim for refund of Taxes paid by or on behalf of the
               Company, without the prior written approval of Buyer. Buyer
               agrees not to withhold such consent so long as the claim will not
               subject Buyer or Company to any tax liability or adversely affect
               any future tax liability of Buyer or Company.

                    5.2.4. MATERIAL ELECTIONS.

                                     EX-213

<PAGE>

                    Neither Sellers nor the Company shall make any material
               election with respect to Taxes of the Company or any Tax
               Affiliate following the date hereof without the prior written
               approval of Buyer (such approval not to be unreasonably
               withheld). Furthermore, Buyer shall not make an election which
               will cause an increase in Taxes to Sellers (or allocated to
               Sellers under this Agreement).

                    5.2.5. TAX INFORMATION.

                    After the Closing, Sellers, on the one hand, and Buyer and
               the Company, on the other hand, will make available to the other,
               as reasonably requested, all information, records or documents
               relating to liabilities for Taxes for all periods prior to or
               including the Closing and will preserve such information, records
               or documents until the expiration of any applicable statute of
               limitations or extensions thereof

                    5.2.6. TAX SHARING AGREEMENTS.

                    Any and all tax sharing, tax indemnity, or tax allocation
               agreements with respect to which the Company was a party at any
               time prior to the Closing shall terminate upon the Closing. No
               further amounts shall be payable by the Company under such
               agreements following the Closing.

               5.3. EMPLOYMENT AND CONFIDENTIALITY AGREEMENTS.

                    5.3.1.

                    At the Closing, Buyer shall enter into the following
               agreements: (i) two-year employment agreement with Robert
               Puckett; (ii) two-year employment agreement with Frank E. Urias;
               (iii) two-year employment agreement with Wendell N. Miller; (iv)
               one-year employment agreement with Steve Cyrus; and (v) two-year
               employment agreement with Armand Broussard. Each of the foregoing
               employment agreements and consulting agreement shall contain
               confidentiality and two-year non-compete provisions upon
               termination of employment or consultancy, and such other terms
               and provisions as are mutually acceptable to the parties, but
               substantially in the forms attached hereto as Exhibit 5.3.1. In
               addition, Messrs. Puckett, Urias, Miller and Cyrus are eligible
               for participation in Buyer's Stock Option Plan and Buyer's Bonus
               Compensation Plan, all as approved by Buyer's Board of Directors;
               provided, however participation in the Buyer's Stock Option Plan
               is subject to individual performance and subject to the
               discretion of Buyer's Board of Directors.

                    5.3.2.

                    Intentionally Left Blank

               5.4. LEASE.

                                     EX-214

<PAGE>

               At the Closing, the Buyer will cause the Company, as lessee, to
          enter into (i) a written lease agreement with Robert E. Puckett,
          Marietta P. Puckett, Wendell N. Miller, and Steven K. Cyrus, as
          lessors, affecting the immovable property and improvements located at
          419 High Meadows Boulevard in Lafayette, Louisiana, and (ii) a written
          lease agreement with Top Six Enterprises, L.L.C., as lessor, affecting
          the immovable property and improvements located at 409 High Meadows
          Boulevard in Lafayette, Louisiana (collectively, the "Lease"). Each
          Lease will be for a term of one year with a one year renewable option,
          and contain such other terms and provisions mutually agreed to by the
          parties.

               5.5. BUYER'S INSURANCE

               Buyer agrees to continue all insurance liability coverage at a
          level of at least as high as the Company's 2000 insurance coverage
          including, but not limited to, basic comprehensive general and
          liability ("CGL"), umbrella CGL, products liability, workers'
          compensation and, fire and casualty.

               5.6. RELEASE OF SELLERS' GUARANTEES

               Schedule 3.22. sets forth the names and addresses of the vendors
          and creditors of the Company for which the Sellers (or any of them)
          have personally guaranteed indebtedness owed by the Company, and a
          brief description of said indebtedness. Sellers and Buyer agree to
          jointly notify said vendors and creditors of the withdrawal or
          termination of the Sellers' personal guarantees for any purchases made
          by the Company after the Closing Date. In addition, Buyer agrees to
          request a cancellation of the guarantees listed in Schedule 3.22.
          Further, Buyer agrees to indemnify and hold Sellers harmless from all
          losses or expenses relating to Sellers' personal guarantees of Company
          indebtedness which was disclosed on the Closing Financial Statement,
          as well as any post Closing Date future indebtedness of the Company to
          any creditor, the payment of which is guaranteed by one or more of the
          Sellers, whether or not such creditor's name appears on Schedule 3.22.

          6.   INDEMNIFICATION.

               6.1. INDEMNIFICATION BY SELLERS.

               Subject to the provisions and limitations of Section 6., Sellers
          shall indemnify and hold harmless Buyer, the Company, and their
          respective officers (including without limitation Gerald Hage, Ronald
          Smith, Keith Morley, Michael L. Stansberry, and Michael T. Mino),
          employees, agents, attorneys (including without limitation Liskow &
          Lewis and Gibson, Dunn & Crutcher and their partners, associates and
          other employees) and shareholders (collectively, the "Buyer Group") in
          respect of any and all claims, losses, damages, liabilities and
          expenses (including, without limitation, settlement costs and any
          reasonable legal, accounting and other expenses for investigating or
          defending any

                                     EX-215

<PAGE>

          actions or threatened actions) incurred (collectively, "Losses") by
          the Buyer Group, together with interest on cash disbursements in
          connection therewith at the base rate for prime commercial lenders of
          Buyer's primary bank as announced from time to time, plus one percent
          per annum (the "Reference Rate") from 60 days after the date such
          Losses were incurred by the Buyer Group until paid by Sellers, in
          connection with each and all of the following:

                    6.1.1.

                    any breach of any representation or warranty made by Sellers
               in this Agreement;

                    6.1.2.

                    the breach of any covenant, agreement or obligation of
               Sellers contained in this Agreement or any other instrument
               delivered at the Closing;

                    6.1.3.

                    any misrepresentation contained in any Schedule, certificate
               or other documents furnished by Sellers pursuant to this
               Agreement;

                    6.1.4.

                    the failure to pay when due any and all liabilities for
               Taxes (as defined in Section 3.21.1.) that are allocated to
               Sellers pursuant to Section 5.2., including, without limitation,
               all interim Taxes (for returns not filed) and under-accruals.

                    6.1.5

                    Intentionally left blank;

                    6.1.6

                    Intentionally left blank;

                    6.1.7

                    THE VIOLATION OF ANY FEDERAL, STATE, LOCAL OR FOREIGN LAWS,
               REGULATIONS, ORDERS, REQUIREMENTS OR ORDINANCES APPLICABLE TO THE
               COMPANY AND ITS BUSINESS, PRIOR TO THE CLOSING DATE BY SELLERS,
               THE COMPANY OR ANY OF THEIR AFFILIATES, AGENTS OR ASSIGNS BUT
               ONLY TO THE EXTENT THAT ANY SUCH CLAIM IS NOT SETTLED OR
               OTHERWISE SATISFIED IN FULL PRIOR TO THE CLOSING OR ONLY AS IT
               RESULTS IN A LOSS NOT REFLECTED ON THE CLOSING FINANCIAL
               STATEMENT; AND

                    6.1.8

                    (a) the violation of any environmental law, regulation,
               order, requirement, or ordinance applicable to the Company and
               its business, prior to the Closing

                                     EX-216

<PAGE>

               Date by Sellers, the Company, or any of their affiliates, agents,
               or assigns, (b) conditions existing at, or caused by events prior
               to the Closing Date which are violations of any Federal, state or
               local environmental statute, regulation, requirement or ordinance
               prior to the Closing Date with respect to the Company or any of
               its assets, and (c) any other environmental conditions in
               existence as of the Closing Date on the real property owned,
               leased or used by the Company, whether or not described in
               Schedule 3.6.1. ((a), (b), and (c) being collectively referred to
               herein as "Environmental Conditions"), which as of the Closing,
               or will in the future as a result of the operation of the Company
               prior to Closing, require remediation, removal, or other
               corrective actions, including without limitation the
               Environmental Conditions listed in Schedule 6.1.8.). With respect
               to each and every Environmental Condition, Sellers' obligation to
               indemnify the Buyer Group from any Losses shall include but not
               be limited to: (i) fines, penalties, assessments and judgments
               (whether related to current or past activities); (ii) costs
               associated with obtaining any necessary permits, certificates or
               other governmental approval or complying with environmental
               reporting or record keeping requirements, including (A)
               remediation costs, (B) removal costs, (C) costs of implementing
               monitoring equipment which are necessary to obtain such permits,
               certificates or approvals, and (D) late fees and filing fees; and
               (iii) any costs which Buyer deems reasonably necessary in
               connection with the foregoing, including without limitation costs
               of environmental audits, surveys, reports, waste
               characterizations, monitoring wells, soil borings, tests and
               samples, provided that such costs incurred by Buyer pursuant to
               this Section 6.1.8. (iii) must be approved by Sellers in advance,
               which consent will be timely given and not unreasonably withheld
               (collectively, "Environmental Costs"). Buyer acknowledges receipt
               of the that certain Phase I Environmental Site Assessment and
               Limited Compliance Review dated September 2000 by Camp Dresser &
               McKee, a copy of which is included in Schedule 6.18.

               6.2. INDEMNIFICATION BY BUYER.

               Subject to the provisions and limitations of Section 6., Buyer
          shall indemnify and hold harmless Sellers and their respective
          officers, employees, agents, and shareholders, if any (collectively,
          the "Seller Group"), in respect of any and all Losses (as defined
          above) reasonably incurred by Sellers, together with interest on cash
          disbursements in connection therewith at the Reference Rate from 60
          days after the date that such Losses were incurred by the Seller Group
          until paid by Buyer, in connection with each and all of the following:

                    6.2.1.

                    any breach of any representation or warranty made by Buyer
               in this Agreement.

                    6.2.2.

                    the breach of any covenant, agreement or obligation of Buyer
               contained in this Agreement or any other instrument delivered at
               the Closing;

                                     EX-217

<PAGE>

                    6.2.3.

                    any misrepresentation contained in any Schedule, certificate
               or any other document furnished by Buyer pursuant to this
               Agreement;

                    6.2.4

                    the operation of the Company after the Closing Date;

                    6.2.5.

                    any claim, demand or cause of action (including warranty
               claims and claims relating to physical injury, death or property
               damage) relating to or proximately caused by either (i) products
               manufactured by the Company after the Closing Date or (ii) any
               products sold or leased by the Company after the Closing Date;

                    6.2.6.

                    the violation of any Federal, state, local or foreign laws,
               regulations, orders, requirements or ordinances on or after the
               Closing Date by Buyer and its affiliates, agents or assigns in
               relation to the Company, except with regard to existing practices
               of the Company; and

                    6.2.7.

                    (a) the post-Closing Date violation of any environmental
               law, regulation, order, requirement, or ordinance applicable to
               the Company and its business, after the Closing Date by the
               Company, or any of its affiliates, agents, or assigns, (b)
               conditions caused by events after the Closing Date which are
               violations of any Federal, state or local environmental statutes,
               regulation, requirement or ordinance after the Closing Date with
               respect to the Company or any of its assets (exclusive of
               conditions existing as of the Closing Date that are covered by
               Section 6.1.8. above), and (c) any other environmental conditions
               in existence after the Closing Date on the real property owned,
               leased or used by the Company (exclusive of conditions existing
               as of the Closing Date that are covered by Section 6.1.8. above),
               ((a), (b), and (c) being collectively referred to herein as
               "Environmental Conditions"), which will in the future as a result
               of the operation of the Company after the Closing, require
               remediation, removal, or other corrective actions. With respect
               to each and every Environmental Condition, Buyer's obligation to
               indemnify the Seller Group from any Losses shall include but not
               be limited to: (i) fines, penalties, assessments and judgments
               (whether related to current or past activities); and (ii) costs
               associated with obtaining any necessary permits, certificates or
               other governmental approval or complying with environmental
               reporting or record keeping requirements, including (A)
               remediation costs, (B) removal costs, (C) costs of implementing
               monitoring equipment which are necessary to obtain such permits,
               certificates or approvals, and (D) late fees and filing fees, and
               (iii) any costs which Sellers deem reasonably necessary in
               connection with the foregoing including, without limitation,
               costs of environmental audits, survey, reports, waste
               characterizations, monitoring wells, soil borings, tests, and
               samples, provided that such costs incurred by Sellers pursuant to
               this Section 6.2.7. (iii) must be approved by Buyer in advance,
               which

                                     EX-218

<PAGE>

               consent will be timely given and not unreasonably withheld
               (collectively, "Environmental Costs").

               6.3. CLAIMS FOR INDEMNIFICATION.

               Whenever any claim shall arise for indemnification hereunder, the
          party entitled to indemnification (the "indemnified party") shall
          promptly notify the other party (the "indemnifying party") of the
          claim and, when known, the facts constituting the basis for such
          claim. In the event of any claim for indemnification hereunder
          resulting from or in connection with any claim or legal proceedings by
          a third party, the notice to the indemnifying party shall specify, if
          known, the amount or an estimate of the amount of the liability
          potentially arising therefrom. The indemnified party shall not settle
          or compromise any claim by a third party for which it is entitled to
          indemnification hereunder, without the prior written consent of the
          indemnifying party; provided, however, that if such consent is not
          granted the amount of indemnity provided by the Indemnitor shall not
          be limited by Section 6.6. (a) and, at the election of Buyer, only the
          portion of any loss equal to the refused settlement shall be deducted
          or payable from the Escrow Account, all other amounts shall be paid
          directly to Buyer by wire transfer by Sellers or the distributees of
          the assets of the Sellers.

               6.4. DEFENSE BY INDEMNIFYING PARTY.

               In connection with any claim giving rise to indemnity hereunder
          resulting from or arising out of any claim or legal proceeding by a
          person who is not a party to this Agreement, the indemnifying party at
          its sole cost and expense may, upon written notice to the indemnified
          party given within 30 days after delivery of the written notice
          referred to in Section 6.3. hereof, cure or mitigate any Losses and/or
          assume the defense of any such claim or legal proceeding if it
          acknowledges to the indemnified party in writing its obligations to
          indemnify the indemnified party with respect to all elements of such
          claim. The indemnified party shall be entitled to participate in (but
          not control) the defense of any such action, with its own counsel and
          at its own expense. If the indemnifying party does not assume the
          defense of any such claim or litigation resulting therefrom, (a) the
          indemnified party may defend against such claim or litigation, in such
          manner as it may deem appropriate, including, but not limited to,
          settling such claim or litigation, after giving notice of the same to
          the indemnifying party, on such terms as the indemnified party may
          deem appropriate, and (b) the indemnifying party shall be entitled to
          participate in (but not control) the defense of such action, with its
          counsel and at its own expense. If the indemnifying party thereafter
          seeks to question the manner in which the indemnified party defended
          such third party claim or the amount or nature of any such settlement,
          the indemnifying party shall have the burden to prove by a
          preponderance of the evidence that the indemnified party did not
          defend or settle such third party claim in a reasonably prudent manner
          as a prudent businessman would if his own funds were subject to such
          suit.

               6.5. MANNER OF INDEMNIFICATION.

                                     EX-219

<PAGE>

               All indemnification by either party hereunder shall be effected
          by payment of cash or delivery of a certified or official bank amount
          of the indemnification liability, or in the case of Losses by Buyer,
          from the Escrow Amount (if there are sufficient funds therein).

               6.6. LIMITATIONS ON INDEMNIFICATION.

               Subject to any limitations contained therein, all representations
          and warranties made by the parties herein or in any instrument or
          document furnished in connection herewith shall survive the Closing
          and any investigation at any time made by or on behalf of the parties
          hereto and shall expire twenty-four months after the Closing Date,
          except (i) as to any matter as to which a claim is submitted in
          writing to the indemnifying party prior to the applicable expiration
          date and identified as a claim for indemnification pursuant to this
          Agreement; (ii) as to any representation or warranty relating to
          ownership or title to the Shares or the Company's assets, including
          real property, which shall not expire; (iii) as to any matter which is
          based upon willful fraud by the indemnifying party under a final
          nonappealable judgment with respect to which the representations and
          warranties set forth in this Agreement shall expire only upon
          expiration of the applicable statute of limitations plus one year,
          however, in no event longer than a total of ten (10) years from the
          Closing Date; (iv) as to any representation or warranty concerning tax
          or environmental matters, which shall expire only upon the expiration
          of the applicable statute of limitations plus one year; and (v) as to
          any representation or warranty concerning the authority to execute
          this Agreement or any of the other documents contemplated hereby,
          which shall not expire. No claim or action for indemnity pursuant to
          Sections 6.1. or 6.2. hereof for breach of any representation or
          warranty shall be asserted or maintained by any party hereto after the
          expiration of such representation or warranty pursuant to the
          preceding sentence except for claims made in writing prior to such
          expiration and actions (whether instituted before or after such
          expiration) based on any claim made in writing prior to such
          expiration. Notwithstanding any other provisions contained in this
          Agreement, (a) neither Buyer nor Sellers shall be entitled to receive
          any amount under this Section 6. which exceeds the Purchase Price, and
          the parties understand that Buyer's payment of the Purchase Price does
          not reduce Buyer's liability for payments under this Section 6.; (b)
          Buyer shall not be entitled to payment under this Section 6. except
          for the amount by which the aggregate of all claims hereunder which
          have not theretofore been reimbursed to Buyer exceeds the sum of
          $63,000.00; and (c) Sellers shall not be entitled to payment under
          this Section 6. except for the amount by which the aggregate of all
          claims hereunder which have not theretofore been reimbursed to
          Sellers, exceeds $63,000.00. In the event the $63,000.00 threshold
          mentioned in clause (a) or (b) of the preceding sentence is exceeded,
          Buyer or Sellers, as the case may be, shall have the right to seek
          reimbursement of said threshold amount from Sellers or Buyer, as the
          case may be, under this Section 6. In addition, the foregoing
          threshold amount shall not apply to the Adjustment Amount.
          Notwithstanding anything contained in this Section 6.6., the limits on
          indemnification contained in the preceding sentence shall exclude any
          obligations specifically assumed by any party in this Agreement,
          including without limitation, the obligations relating to taxes,
          brokers as described in Sections 3.21., 5.2. and 9.5., respectively.
          After the Closing, Buyer shall cause the Company to maintain
          commercially reasonable third party insurance consistent with the
          insurance maintained

                                     EX-220

<PAGE>

          by the Company prior to the Closing. The amount any indemnifying party
          is or may be required to pay to any indemnified party pursuant to this
          Section 6. shall be reduced by any insurance proceeds or other amounts
          actually recovered by or on behalf of the indemnified party, and no
          insurance company or any other third party shall be a beneficiary of
          Sellers' or Buyer's indemnity obligations under this Agreement and in
          no way shall any obligations of any insurance company or other third
          party be reduced or mitigated as a result of this Agreement.

               6.7. SOLE BASIS FOR RECOVERY.

               Unless specifically provided for elsewhere in this Agreement, the
          parties intend Section 6. to be the exclusive method for compensating
          each other for, or indemnifying each other against, claims relating to
          the Company and the transactions contemplated by this Agreement.

               6.8. JOINT AND SEVERAL LIABILITY.

               Notwithstanding any provision in this Agreement to the contrary,
          it is understood and agreed that Buyer shall not have any obligation
          to marshall its claims hereunder to minimize the obligations of any of
          the Sellers, and the liability of Sellers under this Section 6. shall
          be as follows:

               (a) Except as otherwise provided in Section 6.6. above, Robert E.
               Puckett, Steven K. Cyrus, Frank E. Urias, and Wendell N. Miller
               shall be liable jointly, severally, and in solido for all Losses
               up to the amount of $4,725,000.00; and

               (b) the warranties of each of Armand Broussard, Gary Caffey,
               Kevin Hansen, Carlan Huval, Robert E. Puckett, Jr., Chadwick
               Lamperez, and Robert E. Puckett, as Custodian for minor Amanda
               Elizabeth Puckett (collectively "Minority Shareholders" or
               individually "Minority Shareholder") are limited to the
               following: (i) each Minority Shareholder warrants that with
               respect to that particular Minority Shareholder's Shares that
               Minority Shareholder has the requisite power and authority to
               enter into this Agreement and consummate the transactions
               contemplated hereby; (ii) each of said Minority Shareholders
               warrants that with respect to that particular Minority
               Shareholder's Shares that said Shares are owned beneficially and
               of record by said Minority Shareholder, and are being transferred
               to Buyer free and clear of all liens, mortgages, pledges,
               security interests, restrictions, prior assignments, encumbrances
               and claims of any kind or nature whatsoever, other than those set
               forth on Schedule 3.3 ("Minority Shareholder Warranties"). The
               warranties set forth in this Section 6.8.(b) shall be the only
               warranties applicable under which any indemnity can be recovered
               from a Minority Shareholder; and

               (c) the liability of each Minority Shareholder shall be limited
               to their respective percentage allocation of the Purchase Price
               as set forth in Section 2.2.1. above with respect to any claim
               under the Minority Shareholder Warranties under

                                     EX-221

<PAGE>

               Section 6.8.(b) and said Minority Shareholders shall incur no
               other liability whatsoever.

          7.   DOCUMENTS TO BE DELIVERED AT CLOSING.

               7.1. CLOSING DOCUMENTS DELIVERED BY SELLERS.

               Buyer shall have received at the Closing the following documents,
          dated as of the Closing date:

                    7.1.1. THE EXECUTED EMPLOYMENT AGREEMENTS AND CONSULTING
               AGREEMENT REFERRED TO IN SECTION 5.3.1. ABOVE.

                    7.1.2. INTENTIONALLY LEFT BLANK

                    7.1.3. The executed Lease.

                    7.1.4. Stock certificates representing the Shares, duly
               endorsed for transfer.

                    7.1.5. AN OPINION OF COUNSEL TO SELLERS IN A FORM ACCEPTABLE
               TO COUNSEL TO BUYER REGARDING THE OWNERSHIP OF THE SHARES AND THE
               AUTHORITY OF EACH OF THE SELLERS TO ENTER INTO THIS AGREEMENT AND
               TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED HEREBY.

                    7.1.6. ANY OTHER DOCUMENTS, CERTIFICATES, OR INSTRUMENTS
               CONTEMPLATED BY THIS AGREEMENT TO BE DELIVERED BY SELLERS TO
               BUYER, INCLUDING BUT NOT LIMITED TO THE CONSENTS LISTED IN
               SCHEDULE 3.7.

                    7.1.7. A FULLY EXECUTED CERTIFICATION OF NON-FOREIGN STATUS
               DESCRIBED IN TREASURY REGULATION SECTION 1.1445-2(A)(2) (AND
               APPLICABLE PROVISIONS OF STATE LAW), IN FORM AND SUBSTANCE
               REASONABLY SATISFACTORY TO COUNSEL TO BUYER, FROM EACH SELLER.

                    7.1.8. Executed letters of resignation by each officer and
               director of the Company.

                    7.1.9. Non-Disturbance and Attornment Agreement executed by
               the lessors (as described in Section 5.4. above) and each lender
               that holds a mortgage affecting the immovable property affected
               by each Lease.

               7.2. Closing Documents Delivered by Buyer.

               Sellers shall have received at the Closing the following
          documents, dated as of the Closing date:

                    7.2.1. ANY DOCUMENTS, CERTIFICATES, OR INSTRUMENTS
               CONTEMPLATED BY

                                     EX-222

<PAGE>

               THIS AGREEMENT TO BE DELIVERED BY BUYER TO SELLERS.

          8.   RELEASE.

          (a) As of the Closing Date and, except as may be set forth in Section
6.2. of this Agreement, each of the Sellers does hereby for himself and his
successors and assigns remise, release, acquit and forever discharge the Buyer,
the Company, and their respective affiliates, and their successors and assigns,
of and from any and all claims, demands, liabilities, responsibilities,
disputes, causes of action and obligations of every nature whatsoever,
liquidated or unliquidated, known or unknown, matured or unmatured, fixed or
contingent, that such Seller or its affiliates now has, owns or holds or has at
any time previously had, owned or held against such parties, including without
limitation all liabilities created as a result of the negligence, gross
negligence and willful acts of the Company and its employees and agents, or
under a theory of strict liability, existing as of the Closing Date or relating
to any action, omission or event occurring on or prior to the Closing Date;
provided, however, that any claims, liabilities, debts or causes of action that
may arise in connection with the failure of any of the parties hereto to perform
any of their obligations hereunder or under any other agreement relating to the
transactions contemplated hereby or from any breaches by any of them of any
representations or warranties herein or in connection with any of such other
agreements shall not be released or discharged pursuant to this Agreement.

          (b) Each of the Sellers represents and warrants that, he has not
previously assigned or transferred, or purported to assign or transfer, to any
person or entity whatsoever all or any part of the claims, demands, liabilities,
responsibilities, disputes, causes of action or obligations released herein.
Each of the Sellers covenants and agrees that such Seller will not assign or
transfer to any person or entity whatsoever all or any part of the claims,
demands, liabilities, responsibilities, disputes, causes of action or
obligations to be released herein. Each of the Sellers represents and warrants
that such Seller has read and understands all of the provisions of this Section
8. and that he has been represented by legal counsel of his own choosing in
connection with the negotiation, execution and delivery of this Agreement.

          (c) The release provided by the Sellers pursuant to this Section 8.
shall apply notwithstanding that the matter for which release is provided may
relate to the ordinary, sole or contributory negligence, gross negligence,
willful misconduct or violation of law by a released party, including the Buyer
and the Company and their respective officers, directors, employees and agents,
and for liabilities based on theories of strict liability, and shall be
applicable whether or not negligence of the released party is alleged or proven,
it being the intention of the parties to release the released party from and
against its ordinary, sole and contributory negligence and gross negligence as
well as liabilities based on the willful actions or omissions of the released
party and liabilities based on theories of strict liability.

          (d) Notwithstanding any provision in parts (a), (b), and (c) of this
Section 8 to the contrary, the Sellers and Buyer agree that said parts (a), (b),
and (c) only apply to claims and matters arising prior to the execution of this
Agreement by all parties.

                                     EX-223

<PAGE>

          9.   MISCELLANEOUS.

               9.1. NOTICES.

               All notices, requests, demands, and other communications
          hereunder shall be in writing and shall be deemed given if delivered
          personally or sent by fax during normal business hours of the
          recipient, the next business day if sent by a national overnight
          delivery service, charges prepaid, or three (3) days after mailed by
          certified or registered mail, postage prepaid, return receipt
          requested, to the parties, their successors in interest or their
          assignees at the following addresses, or at such other addresses as
          the parties may designate by written notice in the manner aforesaid:

               If to Buyer:

                         T-3 Energy Services, Inc.
                         600 Travis, Suite 6000
                         Houston, Texas 77002
                         Attention: Mr. Michael L. Stansberry

               with a required copy to:

                         Liskow & Lewis
                         822 Harding Street
                         Lafayette, Louisiana 70503
                         Attention: Billy J. Domingue, Esq.

               If to Sellers:

                         Mr. Robert E. Puckett
                         123 Froeba Lane
                         Carencro, LA 70520

               With a copy to:

                         William Stubbs, Esq.
                         1018 Harding St.
                         Lafayette, Louisiana 70503

               9.2. ASSIGNABILITY AND PARTIES IN INTEREST.

               Buyer may freely assign the rights and obligations under this
          Agreement. Sellers may, with the written consent of Buyer (which will
          not be unreasonably withheld if such assignee has the financial
          capacity to assume and honor the indemnity obligations hereunder),
          assign the rights and obligations under this Agreement among their
          affiliates or in connection with a sale of their business. In either
          case, any such assignee must expressly assume all indemnity
          obligations hereunder. This Agreement shall inure

                                     EX-224

<PAGE>

          to the benefit of and be binding upon Buyer and Sellers and their
          respective pennitted successors and assigns.

               9.3. GOVERNING LAW.

               THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED
          IN ACCORDANCE WITH, THE LAWS OF THE STATE OF LOUISIANA APPLICABLE TO
          CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THAT STATE.

               9.4. COUNTERPARTS.

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

               9.5. INDEMNIFICATION FOR BROKERAGE.

               Buyer and Sellers each represent and warrant that, except as set
          forth in Schedule 9.5., no broker or finder has acted on its behalf in
          connection with this Agreement or the transactions contemplated
          hereby. In addition to the indemnification obligations contained in
          Section 6., each party hereto agrees to indemnify and hold harmless
          the others from any claim or demand for commissions or other
          compensation by any broker, finder or similar agent who is or claims
          to have been employed by or on behalf of such party.

               9.6. PUBLICITY.

               Sellers and Buyer agree that press releases and other
          announcements to be made by any of them with respect to the
          transactions contemplated hereby shall be subject to mutual agreement.
          Notwithstanding the foregoing, Sellers and Buyer may respond to
          inquiries relating to this Agreement and the transactions contemplated
          hereby by the press, securities analysts, employees, or customers
          without any notice or further consent of the other parties hereto.

               9.7. COMPLETE AGREEMENT.

               This Agreement, the Exhibits hereto, the Schedules and the
          documents delivered pursuant to this Agreement contain or will contain
          the entire agreement between the parties hereto with respect to the
          transactions contemplated herein and shall supersede all previous oral
          and written and all contemporaneous oral negotiations, commitments,
          and understandings.

               9.8. INTERPRETATION.

               The headings contained in this Agreement are for reference
          purposes only and shall not affect in any way the meaning or
          interpretation of this Agreement.

                                     EX-225

<PAGE>

               9.9. SEVERABILITY.

               Any provision of this Agreement which is invalid, illegal, or
          unenforceable in any jurisdiction shall, as to that jurisdiction, be
          ineffective to the extent of such invalidity, illegality, or
          unenforceability, without affecting in any way the remaining
          provisions hereof in such jurisdiction or rendering that or any other
          provision of this Agreement invalid, illegal, or unenforceable in any
          other jurisdiction.

               9.10. KNOWLEDGE: DUE DILIGENCE INVESTIGATION.

               All representations and warranties contained herein which are
          made to the knowledge of Sellers shall mean to the knowledge of
          SELLERS based on, and assuming they had conducted, a reasonable
          investigation of such matters.

               9.11. EXPENSES OF TRANSACTIONS.

               All fees, costs and expenses incurred by Buyer or Sellers in
          connection with the transactions contemplated by this Agreement shall
          be borne by the party incurring the same.

               9.12. LIMIT ON INTEREST.

               Notwithstanding anything in this Agreement to the contrary,
          neither party hereto shall be obligated to pay interest at a rate
          higher than the maximum rate permitted by applicable law.

               9.13. SUBMISSION TO JURISDICTION.

               Each of the parties hereto irrevocably consents that any legal
          action or proceeding against it or any of its property with respect to
          this Agreement or any other agreement executed in connection herewith
          may be brought in any court of the State of Louisiana (located in
          Lafayette), any Federal court of the United States of America located
          in Lafayette, Louisiana, or both, and by the execution and delivery of
          this Agreement each party hereto hereby accepts with regard to any
          such action or proceeding for itself and in respect of its property,
          generally and unconditionally, the jurisdiction of the aforesaid
          courts.

               9.14. ARBITRATION.

               Any controversy, dispute, or claim arising out of, in connection
          with, or in relation to, the interpretation, performance or breach of
          this Agreement, including, without limitation, the validity, scope,
          and enforceability of this Section 9.14., may at the election of Buyer
          or Sellers be solely and finally settled by arbitration conducted in
          Houston, Texas or New Orleans, Louisiana, by and in accordance with
          the then existing rules for commercial arbitration of the American
          Arbitration Association, or any successor organization; provided
          however, that this Section 9.14. shall not apply nor be interpreted

                                     EX-226

<PAGE>

          to affect the resolution of a Dispute Notice through the arbitration
          procedures set forth in Section 2.3.3. of this Agreement. Judgment
          upon any award rendered by the arbitrator(s) may be entered by the
          state or Federal Court having jurisdiction thereof Any of the parties
          may demand arbitration by written notice to the other and to the
          American Arbitration Association ("Demand for Arbitration"). Any
          Demand for Arbitration pursuant to this Section 9.14. shall be made
          within 180 days from the date that the dispute upon which the demand
          is based arose or the other parties shall have the option to have such
          dispute adjudicated in a court of competent jurisdiction in the State
          of Delaware. The Arbitrators shall conduct the arbitration in a manner
          in accordance with the laws of the State of Louisiana and the rules of
          the American Arbitration Association. The arbitrators may only award
          compensatory damages and are specifically not empowered to award
          punitive damages. The parties hereby expressly waive any right any of
          them may have to punitive damages. The parties intend that this
          agreement to arbitrate be valid, enforceable and irrevocable.

               9.15. WAIVER OF PUNITIVE DAMAGES.

               The parties hereby waive any right any of them may have to
          punitive damages.

               9.16. CROSS REFERENCE.

               Any statement made in or attachment to a Schedule or Exhibit to
          this Agreement shall be deemed included in or attached to each and
          every other Schedule or Exhibit attached to this Agreement for
          purposes of the representations and warranties made by Sellers.

               9.17. COUNTERPARTS.

               This Agreement and the attached Spousal Acknowledgment may be
          executed in counterparts, and all such counterparts shall constitute
          one and the same instrument.

               (Remainder of page intentionally blank)

                                     EX-227

<PAGE>

         IN WITNESS WHEREOF, the undersigned duly execute this Agreement as of
the date first written above.

                                        SELLERS:

                                        /s/ ROBERT E. PUCKETT
                                        ----------------------------------------
                                        Robert E. Puckett

                                        /s/ STEVEN K. CYRUS
                                        ----------------------------------------
                                        Steven K. Cyrus

                                        /s/ FRANK E. URIAS
                                        ----------------------------------------
                                        Frank E. Urias

                                        /s/ WENDELL N. MILLER
                                        ----------------------------------------
                                        Wendell N. Miller

                                        /s/ ROBERT E. PUCKETT, JR.
                                        ----------------------------------------
                                        Robert E. Puckett, Jr.

                                        /s/ ROBERT E. PUCKETT
                                        ----------------------------------------
                                        Robert Puckett as Custodian for minor
                                           Amanda Elizabeth Puckett

                                        /s/ ARMAND BROUSSARD
                                        ----------------------------------------
                                        Armand Broussard

                                        /s/ GARY CAFFEY
                                        ----------------------------------------
                                        Gary Caffey

                                        /s/ KEVIN HANSEN
                                        ----------------------------------------
                                        Kevin Hansen

                                        /s/ CARLAN HUVAL
                                        ----------------------------------------
                                        Carlan Huval

                                        /s/ CHADWICK LAMPEREZ
                                        ----------------------------------------
                                        Chadwick Lamperez

                                        BUYER:

                                        T-3 ENERGY SERVICES, INC.

                                        By: /s/ MICHAEL L. STANSBERRY
                                            ------------------------------------
                                            Name:  Michael L. Stansberry,
                                            Title: President

                                     EX-228

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