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                                                                   EXHIBIT 10(f)

                   FIRST AMENDMENT TO SEVERANCE COMPENSATION
                            AND CONSULTING AGREEMENT

         This First Amendment to the Severance Compensation and Consulting
Agreement dated October 4, 1996, between Parker Drilling Company and Robert L.
Parker Jr.  (the "Officer") is hereby amended effective July 15, 1998 as
follows:

         1.       Section 2 of the Agreement shall read as follows:

                  2.       Change in Control. No compensation shall be payable
         under this Agreement and the Officer shall not be retained as a
         consultant unless and until (a) there shall have been a Change in
         Control of the Company while the Officer is still an employee of the
         Company and (b) the Officer's employment by the Company thereafter
         shall have been terminated in accordance with Section 4 of this
         Agreement. For purposes of this Agreement, a "Change in Control" shall
         be deemed to have occurred if,

                           (a)      Any individual, entity or group (within the
                  meaning of Section 13(d)(3) or 14 (d)(7) of the Securities
                  Exchange Act of 1934, as amended (the "34 Act"), except the
                  Officer, his affiliates and associates, the Company, or any
                  corporation, partnership, trust or other entity controlled by
                  the Company (a "Subsidiary"), or any employee benefit plan of
                  the Company or of any Subsidiary (each such individual, entity
                  or group shall hereinafter be referred to as a "Person")
                  )becomes the beneficial owner (within the meaning of Rule
                  13d-3 promulgated under the '34 Act) of 15% or more of either
                  (i) the then outstanding shares of common stock of the Company
                  (the "Outstanding Company Common Stock") or (ii) the combined
                  voting power of the then outstanding voting securities of the
                  Company entitled to vote generally in the election of
                  directors (the "Company Voting Securities"), in either case
                  unless the Board in office immediately prior to such
                  acquisition determines in writing within five business days of
                  the receipt of actual notice of such acquisition that the
                  circumstances do not warrant the implementation of the
                  provisions of this Agreement provided, that with regard to
                  Equitable Companies/Alliance Capital Management, the
                  applicable percentage shall remain 20%; or

                           (b)      Individuals who, as of the beginning of any
                  twenty-four month period, constitute the Board (the "Incumbent
                  Board") cease for any reason to constitute at least a majority
                  of the Board, provided that any individual becoming a director
                  subsequent to the beginning of such period whose election or
                  nomination for election by the Company's stockholders was
                  approved by a vote of at least a majority of the directors
                  then comprising the Incumbent Board shall be considered as
                  though such individual were a member of the Incumbent Board,
                  but excluding for this purpose any such individual whose
                  initial assumption of office is in connection with an actual
                  or threatened election contest relating to the election of the
                  directors of the Company (as such terms are used in Rule
                  14a-11 of Regulation 14A promulgated under the '34 Act); or

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                           (c)      Consummation by the Company of a
                  reorganization, merger or consolidation (a "Business
                  Combination"), in each case, with respect to which all or
                  substantially all of the individuals and entities who were the
                  respective beneficial owners of the Outstanding Company Common
                  Stock and Company Voting Securities immediately prior to such
                  Business Combination do not, immediately following such
                  Business Combination, beneficially own, directly or
                  indirectly, more than 50% of, respectively, the then
                  outstanding shares of common stock and the combined voting
                  power of the then outstanding voting securities entitled to
                  vote generally in the election of directors, as the case may
                  be, of the corporation resulting from such Business
                  Combination in substantially the same proportion as their
                  ownership immediately prior to such Business Combination of
                  the Outstanding Company Common Stock and Company Voting
                  Securities, as the case may be; or

                           (d)      (i) Consummation of a complete liquidation
                  or dissolution of the Company or (ii) sale or other
                  disposition of all or substantially all of the assets of the
                  Company other than to a corporation with respect to which,
                  following such sale or disposition, more than 50% of,
                  respectively, the then outstanding shares of common stock and
                  the combined voting power of the then outstanding voting
                  securities entitled to vote generally in the election of
                  directors is then owned beneficially, directly or indirectly,
                  by all or substantially all of the individuals and entities
                  who were the beneficial owners, respectively, of the
                  Outstanding Company Common Stock and Company Voting
                  Securities, as the case may be, immediately prior to such sale
                  or disposition.

                           Notwithstanding any other provision of this
                  Agreement, no Change in Control shall be deemed to have
                  occurred for purposes of this Agreement after the date of the
                  initial Change in Control pursuant to the provisions of
                  Sections 2 (a), (b), (c) or (d) hereof.

         II.      With the exception of the above referenced change to Section
2, the remainder of the Severance Compensation and Consulting Agreement shall
remain unchanged and in full force and effect as originally executed between
myself and the Company.

         Accepted and agreed to evidenced by my signature below this 13th day of
August, 1998.

------------------------------------       ------------------------------------
Officer                                    Parker Drilling Company<PAGE>
                                                                   EXHIBIT 10(g)

                  WAIVER, RELEASE AND CONFIDENTIALITY AGREEMENT

         Waiver, Release and Confidentiality Agreement (herein, the "Agreement")
made this 17 day of July 2001, between James W. Linn, of Tulsa, Oklahoma
("Employee") and Parker Drilling Company of 8 East Third Street, Tulsa, Oklahoma
("Parker").

                                    RECITALS

         A. Employee has been employed by Parker in various roles, most
recently as Executive Vice President-Chief Operating Officer of Parker Drilling
Company, for a period of approximately twenty-eight (28) years.

         B. Employee has retired from Parker effective July 15, 2001.

         C. The parties desire to enter into this Waiver, Release and
Confidentiality Agreement in order to set forth mutual rights and obligations
that survive the parties' employer/employee relationship.

                                    AGREEMENT

         WHEREAS Employee has in the course of his employment with Parker come
into contact with or has access to trade secrets and confidential and
proprietary information which is unique and of great value to Parker; and

         WHEREAS Employee clearly understands that his use or disclosure to any
third party of any such confidential information could cause damage to the
financial well-being of Parker and/or its officers, directors, agents,
employees, affiliates and assigns, regardless of the scope and reason for such
unauthorized disclosure; and

         WHEREAS Employee and Parker desire that there be mutual goodwill as
between each other and particularly with regard to disclosure to third parties;
and

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         WHEREAS Employee understands the highly competitive nature of the
drilling business and the importance of keeping certain operational, financial
and accounting information from competitors.

         NOW, THEREFORE, in consideration of the agreements and representations
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Parker and Employee do hereby agree as
follows:

         1. Definition of Confidential Information. For the purpose of this
Agreement, "Confidential Information" shall mean any and all confidential or
proprietary information or material that has been disclosed by Parker to
Employee, whether written or oral, during the course of his employment; or which
Employee has obtained knowledge of, or access to, as the result of such
employment or inspection of the premises, equipment, records or other physical
assets; or which Employee has subsequently gleaned or developed as the result of
his association with Parker; and which Parker considers to be either proprietary
or confidential in nature with regards to the conduct of its business.

         Confidential Information includes, but is not limited to, confidential
records, data (including computer data), personnel history, proprietary
information relating to equipment, customers, vendors, accounting and financial
information, tax returns, tax plans (whether implemented or not), dealings with
tax authorities, customers and joint venturers, documentation and diagrams, all
of which are related to Parker, its business and its products, technology and
contemplated services; and further includes information related to the conduct
of Parker's existing or future business, including business and marketing plans,
customer and supplier lists and pricing lists. Confidential Information shall
also include any information or material of the type described above which may
have been obtained by Parker from any third party, and

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which is considered proprietary or confidential in nature by Parker, whether or
not owned or developed by Parker. Furthermore, all materials and information
generated, compiled, or transformed into any form of material by Employee,
acting in the performance of his employment, shall be considered Confidential
Information and the exclusive property of Parker. Confidential Information does
not include any information or material which can be shown to have been within
the public domain before the time it was disclosed by Parker or obtained by
Employee, provided such information or material has not become part of the
public domain through any fault or action on the part of Employee, or which can
be shown to have been in Employee's possession before it was disclosed by Parker
to Employee, or which can be shown to have been acquired by Employee from a
third party that is not under any confidentiality obligation to Parker.

         2. Agreement Not To Disclose. Employee acknowledges that Confidential
Information is a special, valuable and unique asset of Parker. Employee agrees
to hold the Confidential Information of Parker in strict confidence and further
agrees not to at any time, directly or indirectly, reveal, show, report,
publish, use, divulge, dispose of, transfer or make accessible such information
to any other person or entity without the express written consent of Parker.

         3. Return of Materials. All of the Confidential Information supplied or
disclosed to Employee by Parker or generated by Employee during the course of
Employee's employment with Parker, shall remain the exclusive property of Parker
as titled owner of such items including, all copies of documents, disks, tapes
or other materials containing any of the Confidential Information as defined
herein and Employee will surrender to Parker in good condition any record or
records or other equipment or material containing such Confidential

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Information including, without limitation, information contained on computers;
provided, Employee shall be allowed to retain the Parker computer currently at
Employee's residence, his laptop computer and his blackberry.

         4. Remedies. Because of the unique nature of the Confidential
Information, Employee understands and agrees that should he fail to comply with
all of his obligations hereunder, then Parker and/or its affiliates may suffer
irreparable harm of such degree that monetary damage will be inadequate to
compensate the injured party for such breach. Accordingly, Employee agrees that
in addition to any other remedies available to the injured parties, in equity or
at law, following such unauthorized disclosure, such injured parties will also
be entitled to injunctive relief to enforce the terms hereof. Nothing herein
contained shall be construed as prohibiting any such injured party from pursuing
any other available remedy for such breach however, including the recovery of
damages and attorney's fees.

         5. Payment and Agreement. In consideration for Employee's agreement to
the terms and provisions herein and execution hereof, Parker hereby agrees to
pay Employee the total sum of One Million and no/100 Dollars ($1,000,000), less
deductions required by law and less any amounts due Parker on the effective date
of Employee's retirement, which amount shall be payable on the eighth day
following the effective date of Employee's retirement.

         6. Medical and Life Insurance. Parker shall continue to provide group
medical coverage for Employee until he reaches age 65 consistent with the plan
in which Employee was enrolled at the time of his retirement. Employee shall be
responsible for the Employee portion of the premium in the same amount Employee
as an employee of Parker. After Employee reaches age 65, if Employee is eligible
and elects to obtain COBRA benefits, Employee will be responsible for paying the
applicable COBRA premiums.

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         Employee declines the option to purchase the life insurance policy
which has been maintained on the life of Employee by Parker and releases any
right title and interest in said policy to Parker.

         7. Stock Options. Employee shall retain all stock options granted to
Employee under the 1991, 1994 and 1997 Stock Option Plan(s). All unvested
options shall continue to vest in accordance with the terms of the respective
stock option agreement and all vested options shall be exercisable in
accordance with the terms of the respective stock option agreement.

         8. Representations and Warranties. Employee represents and warrants
that he has no outstanding liability to Parker and, except as stated on Schedule
1 attached hereto, has no knowledge of any claim or action or any facts or
circumstances or condition which could give rise to a claim, contingent or
otherwise, against Parker, or their respective affiliates, officers, directors
or employees which Employee has not previously disclosed in writing to Parker.

         9. Non-Compete/No Hire. As further consideration for the payments and
other covenants contained in this Agreement, the sufficiency of which is
acknowledged by Employee, Employee agrees that for a period of eighteen (18)
months from and after the effective date of Employee's retirement, or such
shorter period as is allowed under applicable law, Employee shall not engage in
any activities that are in competition with Parker's international business
operations, or such smaller geographical area as is allowed under applicable
law, whether through employment, ownership of business (excluding passive
investments as a stockholder), the providing of consulting services, or in any
other similar manner. Further, during said eighteen (18) month period, Employee

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shall refrain from hiring any employee of Parker or encouraging said employees
to terminate their employment with Parker.

         Employee understands and agrees that should he fail to comply with all
of his obligations in this Section 9, then Parker and/or its affiliates may
suffer irreparable harm of such degree that monetary damage will be inadequate
to compensate the injured party for such breach. Accordingly, Employee agrees
that in addition to any other remedies available to the injured parties, in
equity or at law, following such unauthorized disclosure, such damaged parties
will also be entitled to injunctive relief to enforce the terms hereof.

         11. Jurisdiction. This agreement shall be construed and enforced under
the laws of the State of Oklahoma.

         12. Release. IN FURTHER CONSIDERATION FOR THE PAYMENTS AND AGREEMENTS
MADE BY PARKER IN THIS AGREEMENT, EMPLOYEE RELEASES ALL CLAIMS WHICH HE MAY HAVE
AGAINST PARKER, ANY OF ITS AFFILIATED COMPANIES, AND ANY OF THEIR RESPECTIVE
OFFICERS, DIRECTORS, AGENTS, OR EMPLOYEES, ARISING FROM HIS EMPLOYMENT WITH
PARKER AND/OR HIS RETIREMENT FROM PARKER. THE CLAIMS COVERED BY THIS RELEASE
ALSO INCLUDE, WITHOUT LIMITATION, ANY CLAIMS FOR WRONGFUL DISCHARGE,
INTERFERENCE WITH CONTRACTUAL RELATIONSHIPS, LIBEL, SLANDER, BREACH OF CONTRACT,
INFLICTION OF EMOTIONAL DISTRESS OR EMPLOYMENT DISCRIMINATION OF EVERY TYPE.
EMPLOYEE SPECIFICALLY WAIVES ANY RIGHT TO PURSUE A CLAIM OF AGE DISCRIMINATION
IN EMPLOYMENT UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967 AND AGREES
TO REFRAIN FROM THE FILING OF ANY ADMINISTRATIVE COMPLAINT OR LAWSUIT IN
FURTHERANCE OF SUCH CLAIM. THIS RELEASE AND WAIVER APPLIES ONLY TO RIGHTS AND
CLAIMS THAT ARISE BEFORE THE SIGNING OF THIS AGREEMENT.

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         13. Acknowledgments. EMPLOYEE HEREBY ACKNOWLEDGES AND AFFIRMS AS
FOLLOWS:

         (a)   Employee's decision to sign this Agreement is strictly voluntary
               and with full knowledge of its meaning and content.

         (b)   No representative of Parker has made any other representation or
               promise to Employee regarding the terms and conditions of this
               Agreement other than those contained in this document.

         (c)   Employee has been advised to consult with an attorney prior to
               signing this Agreement, and has taken advantage of that
               opportunity to the extent Employee has determined is appropriate.

         (d)   Employee has been given a period of up to forty-five (45) days
               within which to consider this Agreement.

         (e)   Employee understands that for a period of seven (7) days
               following his signing this Agreement, Employee may revoke this
               Agreement by notifying Parker, in writing, of his desire to do
               so. Employee understands that after the seven (7) day period has
               elapsed, this Agreement shall become effective and enforceable.

         IN WITNESS WHEREOF, both parties do hereby execute this Waiver, Release
and Confidentiality Agreement on the day and year first written above.

                                            /s/ James W. Linn
                                           -------------------------------------
                                           By: James W. Linn
                                           Date: July 17, 2001

                                           PARKER DRILLING COMPANY

                                           /s/ Robert L. Parker Jr.
                                           -------------------------------------
                                           By: Robert L. Parker Jr.
                                           Title: President and Chief
                                                  Executive Officer
                                           Date: July 17, 2001

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