RHN Satellite Server Upgrade from 5.1.x to 5.3 failed with 'Could not upgrade database' error

Issue

• Tried upgrading satellite server from 5.1.1 to 5.3, have followed the upgrade instructions, but got stuck when running:

  [root@xxxxxx sat-server]# ./install.pl --upgrade
  <SNIP>
  ** Database: Upgrading the database server to latest Oracle 10g:
  ** Database: This is a long process that is logged in:
  ** Database: /var/log/rhn/upgrade_db.log
  *** Progress: #
  Could not upgrade database.
  -----------------------------------
  

• Looking at the /var/log/rhn/upgrade_db.log it shows:

  SQL> ORA-32004: obsolete and/or deprecated parameter(s) specified
  ORA-00401: the value for parameter compatible is not supported by this release