Parker Drilling News

Tidewater Inc. announced the election of Richard D. Paterson to its board of directors for a term beginning November 13, 2014 and expiring in July 2015. Richard D. Paterson is a certified public accountant who retired from Price Waterhouse Coopers LLP (PwC), an international network of auditors, tax and business consultants, in 2011 after 37 years of service. At the time of his retirement, Paterson served as the global leader of PwC's Consumer, Industrial Products and Services Practices comprising the automotive…

Crowley Maritime subsidiary Titan Salvage appoint Michael G. Johnson Vice-President of Business Strategy & Process. Johnson will report to TITAN’s Managing Director Rich Habib, and will be domiciled in the company’s Houston office. In his new role, he will be responsible for assisting with the administration and running of TITAN, focusing on strategic issues to help further grow the business. “It is very exciting for us to have Michael on our team, especially during a time of continued growth and international expansion in our company,” said Habib.

Crowley's newest heavy-lift series deck barge 455-5 was christened and launched May 16 at Gunderson Marine Shipyard in Portland, Oregon - the latest in a bevy of new vessel deliveries for Crowley already this year. Christened by Mary Beth Davis, the wife of Rich Davis, the BP manager for the Liberty Rig, the 400 ftlong by 105 ft wide heavy-lift barge will be used to transport the world's largest land based drilling rig for Parker Drilling and BP. Crowley's Bruce Harland, vice president of contract services in Alaska…

In the first of several vessel deliveries over the next few weeks, Crowley christened and launched its newest heavy-lift series deck barge, the 455-4, Saturday at Gunderson Marine Shipyard in Portland, Ore. The 400 ft long, 105 ft wide barge was christened by Carey Graham, wife of Parker Drilling Vice President Dennis Graham. The vessel's first assignment will be hauling a Parker Drilling Rig. Following that assignment, it will be turned over to a major energy company for work on the world's largest land-based rig in Alaska's North Slope at Satellite Drilling Island (SDI).

Parker Drilling Company (NYSE: PKD) has posted a report on the company's Gulf of Mexico barge rig fleet updating rig status and contract information as of February, 2009. The company expects to update this report monthly. The report is intended to provide analysts and investors with information about activity in Parker's U.S. Barge Drilling segment. The report "Gulf of Mexico Barge Rig Fleet" is available through the company's Web site at www.parkerdrilling.com. The report can be accessed by selecting the "Rig Fleet Status Report" link under the Investor Relations section of the site. To be notified of rig fleet status report updates, subscribe to the "Rig Fleet Status Report Alert" in the Information Request link at the Investor Relations section of the site.

Athens Group, an independent consulting company that specializes in software-related risk mitigation and problem remediation for drilling and rig control systems, announced a 66% increase in year-over-year sales during 2008 and a significant increase in booked business for 2009. New customers included Stena Drilling, Ocean Rig, Eni/Saipem, Total Nigeria, Encana, Anadarko and Nexen Energy. Repeat customers included Transocean, BP, Maersk Drilling, Total, Parker Drilling, Ensco, Repsol and Hydril. This customer activity indicates a strong understanding of the benefits of Drilling Technology AssuranceSM Services (DTA). “Drilling contractors and operators are too often forced to take rigs before they are really ready,” said Mike Haney, CEO at Athens Group.

Superior Energy Services has appointed John Prejean as Vice President of Corporate Sales – Houston. Prejean will lead the Houston Corporate Sales Group identifying opportunities for sales growth and business efficiencies. He will focus upon securing large-scale projects that fulfill Superior Energy’s bundled services strategy and will support the goals of the EPM group. Prior to joining Superior, Prejean was most recently Houston sales manager for Parker Drilling Company. He has more than 20 years of experience in the oil and gas industry, working for oilfield-related companies including Tetra Technologies.

Bollinger Shipyards, Inc., Lockport, La., has signed a contract to build two, 250-ft., double hull, jumbo coastwise service, single rake hopper barges for Tide Leasing, LLC, Birmingham, Ala. Construction has begun on the first barge and building of the second vessel will begin in August. Both are scheduled for delivery in November 2000. Overall, each barge will be 250 ft. in length, with a 52.5-ft. beam and 14-ft. depth and 11.5 ft. maximum draft. They will be built with .75-in. steel at the hopper bottoms and .625-in. steel at the hopper sides plus .5-in. T-1 liner plates on the bottom and upper sides of the hopper. Each will be able to carry up to 3,000 metric tons of coal and will operate out of Santa Marta, Colombia. Shearer and Associates, Inc., Metairie, La.

Parker Drilling Company, a global provider of drilling services and equipment, recently announced that it intends to relocate its headquarters to Houston. The move will affect 116 employees in the company's Tulsa, Okla., home office. Some of the Tulsa employees will be asked to relocate to Houston, where the company currently maintains a regional office for its Gulf of Mexico (GOM) drilling operations. Employees who are not requested to relocate to Houston or who decide to not move will be offered a severance package. The company plans to make the move to Houston this summer leaving a small regional office in Tulsa.

Hercules Offshore, LLC, a leading jack-up drilling and liftboat contractor in the Gulf of Mexico, announced today the acquisition of two jack-up rigs in separate transactions. On January 4, 2005, Hercules Drilling Company LLC, a subsidiary of Hercules Offshore, LLC, completed the acquisition of Rig 25J from Parker Drilling Offshore USA, LLC, a subsidiary of Parker Drilling Company. Rig 25J is an independent leg cantilever jack-up capable working in water depths of 200 feet. On January 13, 2005, Hercules Drilling Company completed the acquisition of the Odin Victory from Porterhouse Offshore L.P. The Odin Victory is a mat- supported jack-up capable of working in water depths of 250 feet.

Kerry Neuville recently built an 18-ft. aluminum skiff with his son and now parks it in the same shed where he and his brother started their boatbuilding careers. Across the yard from the little shed Neuville Boatworks huge building sheds bustle with their usual activity. With a 154 x 30 x 12.5-ft. crew boat (160-foot overall) nearing completion for Steve Miguez’s Iberia Crewboats and scheduled for a March delivery. A sister-ship is being framed up on an inverted jig in one of the other building sheds. Both vessels will be powered by four Cummins KTA38 M2 engines provide power for the vessel. Each engine produces 1350 hp at 1950 RPM into Twin Disc MG-6650 gears with 2.47:1 reduction. The 5400 hp crewboats will achieve speeds of 26 knots.

Parker Drilling Company reported that Rig 247, operating in Turkmenistan, sustained a well control incident. All non-essential personnel were safely evacuated, and no injuries have been reported. A team of well control specialists is currently on location and working to control the flow from the well. The gas content of the mud and water flowing from the well is not material, resulting in minimum risk of fire. In addition, certain equipment is being cleared from the well site and stored at a safe distance. Although no final damage assessment to the rig has been made at this time, the company does not anticipate a material financial impact from this incident based on the estimated insurance payments for the physical damage to the rig and lost revenues.

Parker Drilling Company's Mallard Drilling subsidiary has entered into an alliance agreement for all of Texaco's domestic (South Louisiana) inland water drilling and workover requirements. Texaco is the largest water bottom leaseholder in South Louisiana's inland water bays and estuaries. Mallard is a diversified inland water drilling/workover contractor, based in New Iberia, La. The competitive bid award is for a term of one year with option. The Texaco-Mallard alliance will initially utilize two Mallard drilling barges, each for a planned one-year program. Additional drilling units will be introduced into the alliance as required. Mallard barges will also support Texaco's ongoing workover and completion program. Financial terms of the agreement were not disclosed.

Parker Drilling Company and Superior Energy Services, Inc., have jointly agreed to terminate their merger agreement, in which Parker was to acquire Superior in an exchange of stock. In connection with the termination, Superior will make a cash payment to Parker in settlement of certain obligations under the merger agreement. Superior, in Harvey, La., provides oilfield tool rentals, well plug and abandonment services, and other specialized products to companies operating in the Gulf of Mexico and Gulf Coast regions. Parker, in Tulsa, Okla., is an international provider of offshore and on-land drilling services and oilfield tool rentals.

Parker Drilling Company reported unaudited revenue of $105 million and a net loss of $7.7 million or a $.10 loss per diluted share for the three months ended November 30, 1998. The prior year's results for the same quarter reflect total revenue of $109.9 million and net income of $10.7 million or $.14 per diluted share. "The industry continues to experience the effects of the most dramatic drop in energy prices since the 1980s," said Robert L. Parker Jr., president and CEO. "Parker's strategy is to curtail costs and concentrate our marketing efforts in areas showing greatest potential," he added.

Parker Drilling Co. has received the newest member of the Parker international drilling fleet, drilling barge rig #75. Built by Oil Barges, Inc., the shallow water drilling rig will commence drilling operations in mid-August. The rig has a 25,000 ft., drilling depth rating with an SCR drive system. All drilling and mud processing equipment is installed on a multi-level barge measuring 240 ft. long and 70 ft. wide. The barge also includes an 82-person accommodation facility. Other innovative design features include a draft of less than 8.5 ft., permiting reduced dredging costs; a 50 ft. (clear height) substructure, permitting simultaneous drilling and workover operations…

Parker Drilling Company's Mallard Drilling subsidiary annouced it has entered into an alliance agreement for all of Texaco's domestic inland water drilling and workover requirements. Texaco is the largest water bottom leaseholder in South Louisiana's inland water bays and estuaries. Mallard is a diversified water drilling/workover contractor, based in New Iberia, La. The competitive bid award is for a term of one year with option, and commenced December 27,1998. The alliance will initially use two Mallard drilling barges, each for a planned one-year program. Additional drilling units will be introduced as required. Mallard barges will also support Texaco's ongoing workover and completion program.

Parker Drilling Company reported unaudited revenue of $105 million and a net loss of $7.7 million or a $.10 loss per diluted share for the three months ended November 30, 1998. The prior year's results for the same quarter reflect total revenue of $109.9 million and net income of $10.7 million or $.14 per diluted share. "The industry continues to experience the effects of the most dramatic drop in energy prices since the 1980s," said Robert L. Parker Jr., president and CEO. "Parker's strategy is to curtail costs and concentrate our marketing efforts in areas showing greatest potential," he added.

Parker Drilling Company reported unaudited revenue of $105 million and a net loss of $7.7 million or a $.10 loss per diluted share for the three months ended November 30, 1998. The prior year's results for the same quarter reflect total revenue of $109.9 million and net income of $10.7 million or $.14 per diluted share. "The industry continues to experience the effects of the most dramatic drop in energy prices since the 1980s," said Robert L. Parker Jr., president and CEO. "Parker's strategy is to curtail costs and concentrate our marketing efforts in areas showing greatest potential," he added.

Parker Drilling Company and Superior Energy Services, Inc., have jointly agreed to terminate their merger agreement, in which Parker was to acquire Superior in an exchange of stock. In connection with the termination, Superior will make a cash payment to Parker in settlement of certain obligations under the merger agreement. Superior, in Harvey, La., provides oilfield tool rentals, well plug and abandonment services, and other specialized products to companies operating in the Gulf of Mexico and Gulf Coast regions. Parker, in Tulsa, Okla., is an international provider of offshore and on-land drilling services and oilfield tool rentals.

Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October, as uncertainty surrounding OPEC output quotas has largely dampened the year's progress. In fact, a major tracker of offshore industry stocks, Warburg Dillon Read, in mid-October cut its ratings of four oilfield equipment and services companies.

Shelby Frink, vice-president of operations support, retired from Parker Drilling Company after 43 years of service with the company. He began his career with Parker in 1956 as a roughneck working in Texas and New Mexico. He worked his way through the ranks of the company by holding several international field and management positions. In 1975, Frink assumed the role of Western Hemisphere operations manager and in 1978 moved to Easstern Hemisphere operations manager. In 1986, he was promoted to vice-president of Eastern Hemisphere operations until 1993, when he assumed his current position and title.

Tulsa-based Parker Drilling Company reported an unaudited loss for the fourth quarter of $13,353,000. This compares with a loss of $11,266,000 for the fourth quarter of 1998. Financial results for the fourth quarter of 1999 were improved over the third quarter loss of $14,900,000 after adjusting for non-recurring gains and losses. loss of $5,587,000 for calendar 1998. The loss for 1999 was positively impacted by a number of non-recurring items, which amounted to a gain of $12,600,000 on an after-tax basis. Officials expressed optimism for improvement, stating that drilling activity in the Gulf of Mexico continues to improve, and Parker's jack-up rig fleet is now is experiencing high utilization. Dayrates are improving with each new contract, they said.