Parker Drilling Reports Well Control Incident

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. Once the well is under control, the rig will undergo repairs. It is expected to return to service in mid-2006.