The Company anticipates closing the transaction in January 2007, subject to customary closing conditions, and anticipates that it will recognize a gain of approximately $5 million as a result of the sale.
Net proceeds from the sale will be used to fund 2007 growth and capital projects.
"This sale reflects the continuing evolution of our asset base, and is in line with our strategic plan to focus on core markets. Going forward, we believe the sale will also allow us to redeploy capital to expansion projects with higher growth potential," said Robert L. Parker Jr., chairman, president and chief executive officer.
Parker Drilling is a Houston-based global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore markets. Parker also owns Quail Tools, a provider of premium industry rental tools. Parker Drilling employs approximately 2,600 people worldwide and has 45 marketed rigs.
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