Parker Notified to Suspend Drilling Operations in Kazakhstan

Parker Drilling Company has received notification from Tengizchevroil (TCO) to suspend drilling operations upon completion of wells being drilled in Kazakhstan's Tengiz field pending agreement on funding issues facing the TCO partners.

"We are hopeful that the Tengizchevroil joint venture partners will agree on a funding plan in the near future, in which case disruptions of our operations will be minimal," said Robert L. Parker Jr., president and chief executive officer.

"Our commitment to Kazakhstan and its citizens continues to grow," Parker said. "Through AralParker, a joint venture between Parker and Aralnedra of Kazakhstan, and local content growth, Parker has been able to increase its labor force to 80 percent local employees in the Tengiz operation. We have first-class employees and first-class equipment, and we will continue to utilize both within Kazakhstan and in other parts of our worldwide operations as opportunities arise."