The LeadersIn Maritime Law

Parker Drilling Company

5 Greenway Plaza, Ste 100
Houston, TX 77046
Phone: (888) 346-5024

Parker Drilling Company, headquartered in Houston, Texas, provides drilling services on land and offshore to the oil and gas industry by contracting out its drilling rigs and equipment. The company has three land drilling rigs within the U.S. and nineteen barge drilling rigs in the U.S. Gulf of Mexico. Parker Drilling Company also operates in 53 foreign countries, including countries in Africa, the Middle East, Latin America, and Asia. The company operates in five segments: International Drilling, U.S. Drilling, Rental Tools, Project Management and Engineering Services, and Construction Contracts.

In the Gulf of Mexico’s barge drilling market, Parker Drilling Company is awarded most contracts through a competitive bidding process. The rates specified in drilling contracts are generally on a per-day basis and vary depending upon the type of rig employed. Contracts generally provide for lower rates for periods of equipment breakdown, adverse weather, or other conditions. Rigs in the Gulf of Mexico are subject to severe weather during certain periods of the year, particularly during hurricane season from June through November, which could halt operations for prolonged periods of time. Offshore operations are also subject to hazards inherent in marine operations, such as capsizing, sinking, grounding, and collision. Any of these risks could result in damage to or destruction of drilling equipment, personal injury and property damage, suspension of operations, or environmental damage.

In 2008, Parker Drilling Company began constructing two new build rigs designed to operate efficiently in the Alaskan environment. These rigs are expected to be delivered to Alaska in mid-2010 to begin drilling on long-term contracts for BP.

Registered on the New York Stock Exchange under the symbol “PKD”, Parker Drilling Company earned a total of $753 million in total revenues in 2009. The company’s customer base consists of major, independent and national, oil and gas companies. In 2009 Parker Drilling Company’s two largest customers were BP and Exxon Mobil, accounting for approximately 26% and 15% of total revenues.

Competitors of Parker Drilling company include Transocean, the largest U.S. provider of rigs, platforms and services for offshore drilling, Diamond Offshore Drilling, Noble, Hercules Offshore, and Pride International.

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