Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Aggie who wrote (46733)	6/22/1999 1:32:00 PM
From: upanddown	Read Replies (2) of 95453

My information is that the cash flow from this operation is what is keeping Parker afloat - but only just barely. I do not share Mike's optimism about Parker's future prospects. Aggie, I've been in PKD for its turnaround prospects. From their web site... Parker Drilling has a rig fleet of 123 rigs consisting of 34 barge drilling and workover rigs, seven offshore jackup rigs, seven offshore platform rigs and 75 land rigs. Are you saying that one rig out of 123 is carrying PKD ? I haven't been able to get much info about utilization rates. My impression is Indonesia is a trouble spot and that SA is doing OK. Domestic land should be picking up. I have 5 of 7 jackups in the Gulf (Hercules Offshore) currently drilling. This is a huge outfit with 4300 employees that specializes in difficult projects. One thing I have liked about them is their ability and willingness to move rigs to better markets when conditions warrant. A number of their rigs are helicopter-transportable. Are they just burning too much money on expensive worldwide ops or is it the high debt? Any info you might have about troubled areas within PKD would be appreciated. TIA, John

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