Wednesday July 7, 6:00 pm Eastern Time
Company Press Release
SOURCE: Parker Drilling Company
Parker Rig 257 Sails to the
Northeast Caspian
TULSA, Okla., July 7 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD - news)
and the Offshore Kazakhstan International Operating Company N. V. (OKIOC)
announced that Parker Rig 257 departed the port of Astrakhan, Russia today and is
under tow to OKIOC's first exploration drilling location in the Northeast Caspian Sea.
The rig is committed to a long-term contract for one of the most important drilling
initiatives in the energy industry today. The arctic barge rig was named ''Sunkar'' by well
known Kazakhstan poet and Member of Parliament Fariza Ungarsynova in a christening
ceremony July 2, 1999. The ceremony marked the end of a major modification project to
convert the rig into the world's largest barge rig capable of drilling in the harsh
environment of the Caspian Sea.
OKIOC anticipate that the first well of its exploration program at its Kashagan East
drilling prospect, approximately 75 Kilometers south of Atyrau, Kazakhstan, will
commence in August. The first well is expected to take four months to drill followed by
testing. This project is being undertaken by OKIOC, a consortium of international
shareholders, under a Production Sharing Agreement (PSA) with the Republic of
Kazakhstan. The shareholders are Agip, British Gas International, BP Amoco, Inpex,
Mobil, Phillips, Shell, Statoil and TOTALFINA.
The Kashagan structure is one of a number of oil prospects identified following a
seismic survey between 1993-1997 by the consortium. Following that survey, the
participating companies negotiated a PSA with the government of Kazakhstan to
explore for hydrocarbons in about 6,000 square kilometers of the Northeast Caspian
Sea.
The barge rig, owned and operated under contract by Parker's subsidiary, Parker
Drilling Company International Ltd., has been extensively modified to operate in the
difficult conditions of the Northeast Caspian Sea. ''The project has been most
challenging in so many different aspects. We are thankful to have completed this phase
of the work and look forward to commencing drilling operations in August,'' according to
Bob Parker, Jr., president and chief executive officer at Parker.
Modifications made at Astrakhan allow the barge rig to operate in the prevalent
conditions in the north Caspian Sea which will include shallow water, open sea
conditions, extreme temperature fluctuations, ice forces, difficult geology and the
expected presence of hydrogen sulfide gas. ''Rig 257 is the most technically
sophisticated rig in our fleet and is the only arctic class barge rig in the world. The rig
and project form a strategic part of our business plan to be the dominant drilling
company in the offshore and onshore markets of the north Caspian Sea region,'' added
Parker.
The Kashagan Field exploration area is a nature preserve. Therefore, OKIOC will be
meeting strict environmental conditions, which include no discharge of drilling wastes
into the Northeast Caspian Sea. Many environmental protection systems have been
integrated into the rig design, which is based on five years of study and research in the
Northeast Caspian Sea environment by a team of Kazakhstan, Russian and
international scientists. Drilling mud will be recycled or taken by barge to the company's
marine supply base at Bautino. All cuttings removed during drilling operations will be
taken to Bautino by barge to a state-of the-art treatment plant.
The drilling operations will be supported by two icebreaker supply boats and three
tugboats designed and built for the shallow water and ice conditions of the Northeast
Caspian Sea.
Parker is a Tulsa-based worldwide energy company specializing in barge and offshore
drilling and workover services, land drilling, and specialized oil tool rentals. The
company employs more than 3,500 persons around the world.
SOURCE: Parker Drilling Company
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