Parker Drilling Announces New Contracts

Parker Drilling Company announced two new contracts and one contract reactivation in its international fleet.

Parker signed a new two-year contract with a one-year option with Chevron for rig 74 in Nigeria. Rig 74 is one of four Parker barge rigs in the Niger Delta, and has worked for Chevron since March 1996.

In Indonesia, Parker's subsidiary PT DATI signed a new two-well contract with a one-well option with Irian Jaya Gas and Oil for land rig 206. The rig will mobilize in early July with an expected spud date in the latter half of August.

In Papua New Guinea, land rig 140 will start drilling on a multi-well program for Chevron in July. The rig has been on standby since January 2001. Chevron has contracted Rig 140 in Papua New Guinea since 1995.

"We are seeing increasing activity in the international markets, and expect more new contract announcements this year," said Robert L. Parker Jr., President and CEO.