Parker Drilling Company Provides Updated Guidance

Parker Drilling Company (NYSE: PKD), stated its current 2005 projections reflected in First Call has their net income per share in the range of $0.16 to $0.26, a material increase from the Company's previously announced guidance of net income per share of $0.05 - $0.14 for 2005.

Although it is not the Company's policy to provide quarterly projections or respond to analysts projections, because the guidance by First Call is materially different from the Company's previous guidance, the Company is announcing that it does anticipate an improvement in projected net income per share for 2005 in the range reflected by the First Call estimates.

The improvement is primarily due to increases in day rates and utilization in the Gulf of Mexico as well as gains in the rental tool business. The increase to the $0.16 to $0.26 per share level does not include one time gains due to asset disposition or costs associated with the call premium on debt. This guidance is as of July 15, 2005, and is based on information available to the Company as of that date. The Company undertakes no duty to update this guidance to conform to actual results or changes in the Company's expectations.