Parker Drilling Wins Contract in Turkmenistan

Parker Drilling and Calik Enerji A.S. have been awarded a three-year contract for two land rigs in Turkmenistan. This project will further expand Parker's significant presence in the Commonwealth of Independent States, where it has operated since 1991.

The principal contract was awarded by State Concern Turkmenneft and will utilize two Parker rigs. The contract also provides for a two-year extension period and is expected to commence in September 2003, following the mobilization of Rig 230 from Kazakhstan to Western Turkmenistan's Korpedje Field, which is operated by Turkmenneft. The current schedule anticipates that the second Parker rig would begin work prior to year end.

"We are excited to be one of the few U.S. drilling contractors to participate in Turkmenistan's plan for increasing the scope of its oil and gas exploration and production drilling," said Robert L. Parker Jr., president and chief executive officer. "This opportunity is consistent with the company's history of drilling in developing markets, and is in line with our stated objectives of increasing rig utilization and seizing new growth opportunities with minimal capital expenditures. We look forward to developing strong, mutually beneficial relationships with Calik Enerji and Turkmenneft that will result in continued activity in this region."