Parker Drilling Receives Two International Contracts

Parker Drilling Company announces two new contracts for international rigs. The first, Parker Drilling Bolivia, a wholly owned subsidiary of Parker Drilling Company, has signed a contract with Pluspetrol Bolivia Corporation. The contract is for the completion and testing of the Rio Seco West X1 well located west of Santa Cruz, Bolivia. The well utilizes Parker Drilling's rig 121, which commences operation in early September. The project is estimated to last 60 to 90 days.

"This effort reflects the confidence and the strength of the operating relationship that has grown between Parker and Pluspetrol in recent years,"said Robert L. Parker Jr., president and CEO, Parker Drilling Company.

The second contract, Parker Drilling Nigeria Ltd, a wholly owned subsidiary of Parker Drilling Company, and The Shell Petroleum Development Company of Nigeria Ltd, have signed an extension on a 12-month contract with options to continue operations. The contract utilizes Parker rig 72, which has been under contract with Shell since July 1996. Rig 72 is one of the four Parker inland barge rigs currently operating in Nigeria, of which three are under contract with Shell.