Parker Drilling Underscores Q4 Utilization for International Fleet

The average utilization for Parker Drilling's Gulf of Mexico barge rigs for the fourth quarter 2008 was 61 percent, compared to the 83 percent reported for the fourth quarter 2007 and the 79 percent reported for the third quarter 2008. Recent barge rig utilization has declined to approximately 20 percent. The Company's barge dayrates in the Gulf of Mexico averaged $40,100 per day during the fourth quarter 2008, compared to $40,900 per day in the fourth quarter 2007 and $39,900 per day in the third quarter 2008.

Average utilization of international rigs, both land and barge rigs, for the fourth quarter 2008 was 87 percent, compared to 82 percent reported for the fourth quarter of 2007 and 84 percent reported for the third quarter 2008.

  • The Company's Latin America fleet operated near 90 percent utilization, with nine of ten rigs working throughout the quarter. Several of these are on multi-well, long-term contracts.
  • Similarly, nine of Parker's ten rigs located in the CIS region were under contract throughout the quarter. The Company realized a significant dayrate increase on the barge rig operating in this region while three land rigs experienced several weeks of down time to make equipment changes.
  • Six of the eight Parker rigs located in the Asia Pacific region worked during the quarter, one of which was released in late December.

In Project Management and Engineering Services, the Yastreb, designed, built and operated by Parker Drilling for the Sakhalin-1 consortium, mobilized to a new location at the Odoptu field during the fourth quarter of 2008.


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