Helmerich & Payne (HP) 10-K 2011 FY Annual report

Exhibit 10.27

THIRD AMENDMENT TO CONTRACT

THIS THIRD AMENDMENT TO CONTRACT is made and entered into this            day of August, 2011, by and between Helmerich & Payne International Drilling Co., hereinafter referred to as “H&P”, and Southeast Texas Industrial Services, Inc., hereinafter referred to as “STIS”.

WITNESSETH:

WHEREAS, H&P and STIS entered into a Contract dated the 18th day of July, 2007, for certain services defined therein as the “Work” (the “Contract”);

WHEREAS, H&P and STIS amended the Contract on August 8, 2008;

WHEREAS, H&P and STIS further amended the Contract on March 26, 2010;

WHEREAS, the parties hereto are mutually desirous of further amending the terms of the above-referenced Contract as hereafter set forth; and

WHEREAS, the Contract has continued in full force and effect to the present time.

NOW, THEREFORE, in consideration of the rights and obligations passing between the parties, the parties hereto do amend said Contract, as follows, to-wit:

1.Beginning in line 11 of Annex 1, Sections (a) through (f) immediately following “(the “Work”)” are hereby deleted and replaced with the following:

Quantity — STIS will perform the Work for a total of 60 rigs with the number and type of rigs as follows:

“a.Flex3:  36 rigs (R450, R451, R452, R453, R454, R455, R456, R457, R458, R459, R460, R461, R462, R463, R464, R465, R466, R467, R468, R469, R470, R471, R472, R473, R474, R475, R476, R477, R478, R479, R480, R481, R482, R483, R484, R485, R486)

b.Flex4S: 0 rigs

c.Flex4S+: 0 rigs

d.Flex4C: 2 rigs (R361, R362)

e.Flex 4M: 1 rig (R360)

f.Flex5: 10 rigs (R501, R502, R503, R504, R505, R506, R507, R508, R509, R510)

g.The remaining 11 rigs will be a combination of the various types listed above as determined by H&P.”

Except as amended hereby, all other terms and conditions of the Contract shall remain in full force and effect.

IN WITNESS WHEREOF, H&P and STIS have executed this Third Amendment to Contract as of the day and year first written above.

HELMERICH & PAYNE INTERNATIONAL
DRILLING CO.
By:
	Steven R. Mackey
	Executive Vice President
SOUTHEAST TEXAS INDUSTRIAL SERVICES, INC.
By:
Name:
Title: