Parker Drilling Lands Contract in Peru

Parker Drilling Company announced a four-well contract with Pluspetrol in Peru's giant Camisea gas field.

Parker will drill, complete and test four wells for Pluspetrol, each expected to take at least three months to drill. The contract also contains options for extensions.

"We are pleased to be putting Rig 228 to work for Pluspetrol in Peru," said Thomas L. Wingerter, Vice President of Operations. "Our international utilization rate continues to improve, and we anticipate additional new project announcements in the near future."

Rig 228, a 2000 horsepower SCR electric rig, currently is undergoing refurbishments and upgrades in Houston prior to mobilization. The rig will leave Houston for Iquitos, Peru, in December. Once in Iquitos, the rig will be transferred to barges for transport to a helicopter staging area. The rig will be packaged into 11,000-pound maximum loads and flown to location. The first well will spud in April 2002. The rig package includes a skidding system custom-designed by Parker engineers that will allow the rig to move from well to well within two hours. The wells will be spaced seven meters apart.

Parker drilled the first well in the Camisea gas field in the mid-1980s. The field, which has recoverable gas reserves estimated at 8.7 tcf, is located in the Amazon rain forest. Given the environmental sensitivity of the area, the rig is being refurbished with special equipment, including advanced noise reduction systems on all engines and a refurbished drilling fluids and drilling cuttings containment system.