Parker Drilling to Offer Additional 9 5/8% Senior Notes

Parker Drilling intends, subject to market and other conditions, to offer an additional $50 million in aggregate principal amount of its 9 5/8% Senior Notes due 2013 (the "Additional Notes") in a private offering. The Additional Notes will be issued under an Indenture, dated as of October 10, 2003, under which $175.0 million in aggregate principal amount of notes of the same series were previously issued. The Company expects that the Additional Notes will be issued at a premium over their face amount. The offering of the Additional Notes will be made within the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States only to non-U.S. persons in reliance on Regulation S under the Securities Act.

The Company intends to use the net proceeds of the offering of the Additional Notes, together with cash on hand, to redeem $65 million aggregate principal amount of the Company's 10 1/8% Senior Notes due 2009.

The securities to be offered have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.