Parker Takes Reduction in Final Resolution of Kazakhstan Tax Case

Parker Drilling Company, a global drilling contractor and service provider, announced a $20 million reduction in the interest assessment in accordance with the recent ruling of the Kazakhstan court. The payment today of the reduced assessment of $13 million is the final resolution of the pending Kazakhstan tax case and will result in the Company recognizing net income of approximately $11 to $12 million.

Mr. Robert L. Parker Jr., chairman and chief executive officer said, "We are pleased to report that this long-pending matter in Kazakhstan has been resolved."

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