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                                                                    EXHIBIT 23.3
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
     As independent public accountants, we hereby consent to the use of our
report on the financial statements of Grey Wolf Drilling Company and to all
other references to our Firm included in or made a part of this registration
statement.
 
                                          /s/ ARTHUR ANDERSEN LLP
                                          ARTHUR ANDERSEN LLP
 
Houston, Texas
   
June 4, 1997