Parker Drilling Wins New Contracts for Six Rigs in Mexico

A Parker Drilling subsidiary has been awarded a five-rig, 27-well contract for land drilling services in southern Mexico. The contract is part of an integrated services contract awarded to Halliburton de Mexico, a subsidiary of Halliburton by Pemex.

The five-rig contract will utilize Parker rigs 121, 122, 165, 174, and 260 in the Samaria, Iride, and Cunduacan fields in the state of Tabasco. The rigs will be mobilized from their current locations in Bolivia and Colombia, and operations are expected to begin June 2004.

Additionally, the Parker subsidiary was directly awarded a two-year contract for its barge rig 53 by Pemex for work in the Macuspana Basin, located in the inland waters of the state of Tabasco. Operations are scheduled to commence May 2004.

"These projects represent our initial entry into Mexico, and are great examples of our success in achieving the goals of expanding the company's international presence and putting our rigs back to work," said Robert L. Parker Jr., president and chief executive officer. "We are excited to participate in Pemex's expansion of its oil and natural gas exploration and development programs, and we look forward to building strong operating relationships with Pemex and Halliburton that will result in continued activity.

"The five land rigs are currently reflected as part of our discontinued operations. While this contract will result in those rigs no longer being carried as discontinued, we continue to be committed to achieving our goal of paying down $200 million in debt," said Parker.