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Advisory Services Agreement

This is an actual contract by Helmerich & Payne.

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Sectors: Energy
Governing Law: Oklahoma, View Oklahoma State Laws
Effective Date: February 17, 2006
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Exhibit 10.1 ADVISORY SERVICES AGREEMENT THIS ADVISORY SERVICES AGREEMENT (the " Agreement" ) is made and entered into as of the 17 th day of February, 2006 (the " Effective Date" ), by and between HELMERICH & PAYNE, INC. (the " Company" ) and George S. Dotson (" Dotson" ).W I T N E S S E T H: WHEREAS, Dotson possesses extensive expertise and experience in the area of oil and gas contract drilling; WHEREAS, Dotson has agreed to provide certain advisory services to the Company and to receive payment therefor pursuant to this Agreement. NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows: 1. Term . The term of this Agreement shall be March 1, 2006 to February 28, 2007 (the " Term" ) unless terminated earlier as provided herein. 2. Services . During the Term of this Agreement, Dotson shall provide advice and expertise with respect to special projects that are identified by the Chief Executive Officer of the Company. Specifically, Dotson shall provide management and customer relations training to selected officers of the Company. Dotson shall also assist the Company with development of international markets and identifying future business development opportunities. Dotson shall work with the Chief Executive Officer in developing and implementing a Cost Analysis and Management Information Scorecard. It is anticipated that Dotson will provide approximately 70 hours of services to the Company per month. Dotson shall not be prevented from engaging in other consulting projects or endeavors which are not in direct conflict with the business of the Company or its subsidiaries or his duties under this Agreement. 3. Fee . (a) In consideration for the performance of the services described in Section 2 hereof, during the Term, Dotson shall be paid a monthly fee of $25,000, payable at the end of each month. (b) Expenses . Dotson shall be entitled to receive reimbursement for all reasonable business and travel expenses incurred for the benefit of the Company (including business class travel for international air flights), all under and in accordance with the policies, practices and procedures of the Company as approved and interpreted by the Chief Executive Officer of the Company.

4. Independent Contractor . Dotson is retained by the Company as an independe
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