Parker Drilling Delays Asset Sale
Parker Drilling Company
|Wednesday, June 30, 2004
Parker Drilling Company reports that the anticipated sale of its Gulf of Mexico jackup and platform rigs will be delayed beyond the Company's self-imposed second quarter goal, due to a delay in the timing of financing for the purchase.
The sale, which excludes jackup rig 25J, was originally scheduled to close June 30, but is now expected to close during the third quarter of 2004. The Company will continue to operate the rigs until the sale is complete.
If funding of the sale is delayed beyond August 1 due to timing of required governmental approvals, the Company would have sufficient liquidity to pay off its $64.4 million outstanding 5-1/2 percent Subordinated Convertible Notes due August 1 by drawing down the remaining $50 million of its Term Loan and using existing cash on hand.