Parker Drilling Announces Status of Tender Offer

Parker Drilling Company (NYSE: PKD) reports on the current status of its cash tender offer for up to $80 million aggregate principal amount of its $235.6 million of 10-1/8% Senior Notes due 2009 (the "Notes") (CUSIP Nos. 701081 AK 7 and 701081 AJ 0), which is set to expire at 5:00 p.m., New York City time, on September 2, 2004, unless extended or earlier terminated. As of 5:00 p.m., New York City time, on Thursday, August 19, 2004, approximately $137.7 million in outstanding principal amount of the Notes had been tendered to the Company. As previously announced, the Company will purchase $80 million aggregate principal amount of Notes from tendering holders on a pro rata basis.

Lehman Brothers Inc. is acting as Dealer Manager for the tender offer. The Tender Agent and Information Agent is D.F. King & Co., Inc. Persons with questions regarding the tender offer should contact Lehman Brothers Inc., Attention: Liability Management Group at 800-438-3242 or 212-528-7581, and copies of the tender offer materials may be obtained from D.F. King & Co., Inc. at 800-859-8511 or 212-269-5550.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The tender offer is made only by an Offer to Purchase dated August 6, 2004.