Parker Drilling Begins Tender Offer and Consent Solicitation

Parker Drilling Company commenced a cash tender offer and consent solicitation for any and all of the $225,000,000 outstanding principal amount of its 9-5/8% Senior Notes due 2013.

Under the terms of the tender offer, the total consideration to be paid for each validly tendered Note will be equal to $1,034.58 per $1,000 principal amount of Notes, plus accrued and unpaid interest to the date of payment. The total consideration includes a consent payment of $30 per $1,000 principal amount of Notes, payable only to holders who tender their Notes and validly deliver their consents prior to 5:00 p.m., New York City time, on March 19, 2010 (the "Consent Date"). Holders who validly tender their Notes after the Consent Date will receive the total consideration less the consent payment of $30, or $1,004.58 per $1,000 principal amount of the Notes, plus accrued and unpaid interest to the date of payment. The tender offer contemplates an early settlement option, so that holders whose Notes are validly tendered prior to the Consent Date and accepted for purchase could receive payment as early as March 22, 2010. The tender offer will expire at 11:59 p.m., New York City time, on April 2, 2010, unless extended or earlier terminated.

In connection with the tender offer, the Company is also seeking consents to certain proposed amendments to the indenture under which the Notes were issued. The purpose of the proposed amendments is to eliminate certain restrictive covenants contained in the indenture, thereby affording the Company additional financial and operational flexibility. Holders who tender their Notes will be required to consent to the proposed amendments and holders may not deliver consents to the proposed amendments without tendering their Notes in the tender offer. The tender offer is conditioned upon, among other things, the completion by the Company of certain related financing transactions.

The Company has engaged BofA Merrill Lynch as Dealer Manager for the tender offer and as Solicitation Agent for the consent solicitation.


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