Parker Drilling Sells Last Land Rig

Parker Drilling Company announced the sale of its last U.S. land rig, Rig 245, to Nabors Alaska Drilling Company for $20 million cash. Proceeds from the sale will be used in strategic areas in the Gulf of Mexico and international drilling markets.

After more than 30 years as a provider of premier arctic drilling service and equipment in the Alaskan market, Parker Drilling elected to exit Alaska and the Lower-48 land drilling business two years ago in pursuit of the offshore Gulf of Mexico and international drilling markets.

Rig 245 was a new-build rig constructed by Parker Drilling in 1991 for its customer, ARCO Alaska, Inc. The rig set several drilling records while working for ARCO in the Kuparuk River Unit on the North Slope of Alaska.

"Parker held a distinguished arctic drilling record in Alaska. Our corporate strategy now focuses on the Gulf of Mexico and internationaldrilling markets. With last year's sale of Parker's Lower-48 land rig fleet, it makes strategic sense to sell this one remaining U.S. land rig asset," says Robert L. Parker Jr., president and chief executive officer.

Parker Drilling Company is a Tulsa-based global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore drilling. Parker also operates Quail Tools, a provider of premium rental tools for oil and gas drilling. Parker Drilling has 80 marketable rigs and employs more than 3,300 people worldwide.