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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: stevedhu who wrote (47131)	6/30/1999 3:48:00 PM
From: The Ox	Respond to of 95453

Parker Christens New Inland Barge Drilling Rig TULSA, Okla., June 30 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) and Oil Barges, Inc. (OBI), are pleased to announce the christening of the newest member of the Parker international drilling fleet, drilling barge Rig #75. The christening ceremony will occur at the OBI facility in New Iberia, Louisiana, Thursday, July 1, 1999. The new shallow water drilling barge rig will sail in July and commence drilling operations mid-August, in the Tunu Field, in Nigeria for Shell Petroleum Development Company (West). "Parker Drilling Company is proud to have contributed to this quantum technological leap, resulting in a highly efficient new generation drilling unit for exploring and developing oil and gas concessions in inland water transition zones around the world," said Robert L. Parker, Jr., president and chief executive officer. "We are also proud of the fact that the project is being completed on budget with an on time delivery," he added. Because of economic, environmental and security implications involved in moving barge drilling rigs from location to location to drill sequential wells, there has developed a compelling need for the ability to drill multiple wells from a single location in inland water areas. The rig design includes a substructure that skids in two directions, enabling the drilling of a six-well pattern. The environmental impact is dramatically reduced by minimizing rig moves and location preparation costs. The new generation zero-discharge drilling unit is the result of 34 months of joint effort by Shell, Parker Drilling Company, OBI, Schellstede & Associates, Inc. and several support contractors. The rig has a 25,000-foot drilling depth rating with an SCR drive system. All drilling and mud processing equipment is installed on a multi-level barge measuring 240-feet long and 70-feet wide. The barge also includes an 82-person accommodation facility. The innovative design offers clients the following features: - Draft less than 8.5 feet, permitting reduced dredging costs. - 50-foot (clear height) substructure permitting simultaneous drilling and workover operations. - A skiddable substructure that will provide access to six potential wells without repositioning the barge. - Ability to drill all six wells without raising/lowering the derrick or laying down drill pipe. 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 worldwide. SOURCE Parker Drilling Company CO: Parker Drilling Company; Oil Barges, Inc. ST: Oklahoma, Louisiana IN: OIL SU: 06/30/99 15:34 EDT prnewswire.com