EXHIBIT I SECOND AMENDMENT TO SHAREHOLDERS' AGREEMENT This Second Amendment to Shareholders' Agreement (this "Second Amendment") is made as of September 30, 1997 by and among Somerset Drilling Associates, L.L.C., a Delaware limited liability company...
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EXHIBIT I
SECOND AMENDMENT TO SHAREHOLDERS' AGREEMENT
This Second Amendment to Shareholders' Agreement (this "Second
Amendment") is made as of September 30, 1997 by and among Somerset Drilling
Associates, L.L.C., a Delaware limited liability company ("Somerset"), Somerset
Capital Partners, a New York general partnership and the Managing Member of
Somerset ("SCP"), Xxx X. Xxxxxx, Xx., a natural person ("Xxxxxx"), U.S. Rig and
Equipment, Inc., an Oklahoma corporation ("USRE"), Xxxx Xxxxxx Energy Equipment
Resource, Inc., a Texas corporation ("EER"), GCT Investments, Inc., a Texas
corporation ("GCT"), Xxxx X. Xxxxxx, a natural person ("Xxxxxx"), Norex
Drilling Ltd., a Bermuda corporation ("Norex Drilling"), and Pronor Holdings
Ltd., a British Virgin Islands corporation ("Pronor").
WHEREAS, Somerset, SCP, Xxxxxx, USRE, EER, GCT, Xxxxxx, Norex Drilling
and Pronor (collectively, the "Shareholders") are parties to the Shareholders'
Agreement (the "Agreement") dated as of May 7, 1996, as amended by the
Amendment to Shareholders' Agreement dated as of June 11, 1996; and
WHEREAS, the Shareholders desire to terminate the provisions of the
Agreement.
NOW, THEREFORE, each of the Shareholders hereby agrees and amends the
Agreement such that all the agreements, obligations, rights, representations,
warranties, covenants and other provisions of the Shareholders' Agreement are
terminated in their entirety and henceforth shall be of no force and effect.
EXECUTED to be effective as of the date set forth above.
SOMERSET DRILLING ASSOCIATES, L.L.C.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
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Title: Partner of SCP, Managing Member
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SOMERSET CAPITAL PARTNERS
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
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Title: Partner
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(SIGNATURES CONTINUED ON FOLLOWING PAGE)
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XXX X. XXXXXX, XX.
By: /s/ XXX X. XXXXXX, XX.
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Name: Xxx X. Xxxxxx, Xx.
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U.S. RIG AND EQUIPMENT, INC.
By: /s/ XXX X. XXXXXX, XX.
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Name: Xxx X. Xxxxxx, Xx.
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Title: President
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XXXX XXXXXX ENERGY EQUIPMENT
RESOURCE, INC.
By: /s/ XXXX XXXXXX
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Name: Xxxx Xxxxxx
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Title: President
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GCT INVESTMENTS, INC.
By: /s/ XXXX XXXXXX
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Name: Xxxx Xxxxxx
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Title: President
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XXXX X. XXXXXX
By: /s/ XXXX X. XXXXXX
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Name: Xxxx X. Xxxxxx
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NOREX DRILLING LTD.
By: /s/ XXXXX XXXXXXXX
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Name: Xxxxx Xxxxxxxx
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Title: President
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(SIGNATURES CONTINUED ON FOLLOWING PAGE)
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PRONOR HOLDINGS LTD.
By: /s/ XXXXX XXXXXXXX
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Name: Xxxxx Xxxxxxxx
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Title: President
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