Parker Drilling Relocates to Houston

Parker Drilling Company a global provider of drilling services and equipment, announced that it intends to relocate its headquarters to Houston. The move will affect 116 employees in the company's Tulsa, Oklahoma, home office. Some of the Tulsa employees will be asked to relocate to Houston, where the company currently maintains a regional office for its Gulf of Mexico (GOM) drilling operations. Employees who are not requested to relocate to Houston or who decide not to move will be offered a severance package. The company plans to make the move to Houston this summer leaving a small regional office in Tulsa.

Parker Drilling has sold its U.S. land rig assets over the last two years. With the company focused on the offshore GOM barge, platform, and jackup rig business and with Parker's global focus and international operations, the Board of Directors and management team felt it would be advantageous for the company to be relocated in Houston. In addition, the company's GOM and international customer base is located in Houston and can best be served there. Finally, shareholder value will be enhanced through more business opportunities, less overhead cost, and a determination to improve the performance of the company by being closer to the global energy markets.

Parker Drilling Company's corporate offices have been headquartered in Tulsa since the company's inception in 1934. In recent years, the company's North American operations have gravitated towards Houston. The company also maintains GOM operations facilities and the headquarters of its rental tools subsidiary in New Iberia, Louisiana. At the present time, the Tulsa office includes the company's senior management team and corporate staff, shared services (purchasing, safety, operations support), international operations management, and support staff. The Houston relocation allows for consolidation of these two operating areas of the company into one location.

"Parker Drilling Company is a very proud Tulsa company. Our history runs long and deep and leaving this community was a difficult decision. We have been fortunate to have such loyal, dedicated and talented Tulsa-based employees serve our company," said Robert L. Parker Jr., president and chief executive officer. "In recent years, many of our customers have either relocated to Houston or have increased their staffs there. Consequently, to better serve our customers and shareholders and to be more intimately involved in the daily activity of the global energy business, we have decided to relocate our corporate headquarters to Houston."

Parker Drilling Company is a global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore drilling markets. Parker also operates Quail Tools, a provider of premium rental tools for oil and gas drilling. Parker Drilling Company has 76 marketable rigs and employs more than 3,500 people worldwide.