Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (79589)	11/21/2000 12:46:48 AM
From: dsindakota	Respond to of 95453

Parker Drilling Sells Alaska Rig, Exiting Alaska and U.S. Land Drilling Markets TULSA, Okla., Nov. 20 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD - news) announced today the sale of its last U.S. land rig, Rig 245, to Nabors Alaska Drilling Company for $20 million cash. Proceeds from the sale will be used in strategic areas in the Gulf of Mexico and international drilling markets. After more than 30 years as a provider of premier arctic drilling service and equipment in the Alaskan market, Parker Drilling elected to exit Alaska and the Lower-48 land drilling business two years ago in pursuit of the offshore Gulf of Mexico and international drilling markets. Rig 245 was a new-build rig constructed by Parker Drilling in 1991 for its customer, ARCO Alaska, Inc. The rig set several drilling records while working for ARCO in the Kuparuk River Unit on the North Slope of Alaska. ``Parker held a distinguished arctic drilling record in Alaska. Our corporate strategy now focuses on the Gulf of Mexico and international drilling markets. With last year's sale of Parker's Lower-48 land rig fleet, it makes strategic sense to sell this one remaining U.S. land rig asset,'' says Robert L. Parker Jr., president and chief executive officer. Parker Drilling Company is a Tulsa-based global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore drilling. Parker also operates Quail Tools, a provider of premium rental tools for oil and gas drilling. Parker Drilling has 80 marketable rigs and employs more than 3,300 people worldwide. For more information go to www.parkerdrilling.com. This release contains certain statements that may be deemed to be ``forward-looking statements'' within the meaning of the Securities Acts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, future operating results of the Company's rigs, expansion and growth opportunities, and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this release are based on reasonable assumptions, actual results may differ from those projected in the forward- looking statements. For a more detailed discussion of risk factors, please refer to the Company's reports filed with the SEC, and in particular, the report on Form 10-K for the year ended December 31, 1999. SOURCE: Parker Drilling Company