EXHIBIT 10.26


                               AMENDMENT TO CREDIT
                                    AGREEMENT

         THIS  AGREEMENT,  dated as of May 18, 1998,  by and among Hagler Bailly
Consulting, Inc., a Delaware corporation ("Consulting"), Hagler Bailly Services,
Inc.,  a Delaware  corporation  ("Services"),  and State  Street  Bank and Trust
Company (the "Bank").  Consulting and Services are sometimes  herein referred to
collectively as the "Borrowers" and each individually as a "Borrower".

                                   WITNESSETH:

         WHEREAS,  the Borrowers and the Bank are parties to that certain Credit
Agreement dated as of September 30, 1997 (the "Credit Agreement"); and

     WHEREAS,  -the  parties  wish to amend the Credit  Agreement  in the manner
hereinafter set forth;

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         1. Definitions.  Capitalized terms used herein without definition which
are defined in the Credit Agreement shall have the respective  meanings ascribed
to them in the Credit Agreement.

     2. Amendments to Credit  Agreement.  The Credit Agreement is hereby amended
as follows:

                  2.1  Subsection  7.4 of the  Credit  Agreement  is  amended by
deleting the figure "320 % " appearing  therein and by inserting in lieu thereof
the figure "250 % ".

                  2.2  Exhibit  B to the  Credit  Agreement  (being  the form of
Compliance  Certificate)  is amended by deleting the figure "320%"  appearing in
item 6(d) thereof and by inserting in lieu thereof the figure "250%".

                  2.3 It is the  intention  of the  parties  that the  foregoing
amendments shall be effective for the twelve-month  periods ending June 30, 1998
and on the last day of each fiscal quarter of the Borrowers thereafter.

         3.       Miscellaneous.

     3.1 As  modified  hereby,  the  provisions  of the Credit  Agreement  shall
continue in full force and effect.
                  3.2  This   Agreement   may  be  executed  in  any  number  of
counterparts and by the different parties hereto on separate counterparts,  each
of which when so executed and  delivered  shall be an  original,  but all of the
counterparts shall together constitute one and the same instrument.

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
a sealed instrument as of the date first above written.

                         HAGLER BAILLY CONSULTING, INC.

                             By /s/ Daniel M. Rouse
                    Vice President, Chief Financial Officer,
                         Treasurer and Secretary (Title)

                          HAGLER BAILLY SERVICES, INC.

                            By /s/ Alain M. Streicher
                           Chief Executive Officer and
                            Managing Director (Title)

                           STATE STREET BANK AND TRUST
                                     COMPANY

                             By /s/ F. Andrew Beise
                             Vice President (Title)