HOUSTON, May 23, 2014 /PRNewswire/ -- Parker Drilling
Company (NYSE:PKD), an international provider of contract drilling
and drilling-related services and rental tools to the energy
industry, acquired a 1500 horsepower posted barge rig for its
Gulf of Mexico drilling fleet in a
transaction valued at approximately $12.25
million, using cash on hand. Built in 2011, the
ready-to-work rig features drilling depth capacity of 18,000 feet,
a top drive, three mud pumps, and living quarters for 44
persons.
"The addition of this rig to our fleet strengthens our position
in the Gulf of Mexico barge
drilling market," said Gary G. Rich,
Parker's chairman, president and chief executive officer. "The
purchase effectively gives us a new rig and enhances our drilling
capabilities. I'm pleased we were positioned to capture this
opportunity quickly and at a considerable value to Parker and our
stakeholders."
"Along with the recent addition of Rig 55B, this acquisition
further diversifies our already broad range of barge drilling rigs
and demonstrates our commitment to ensuring Parker is well
positioned to meet the needs of the Gulf
of Mexico market," said Allen
Henley, vice president of Parker's U.S. Barge Drilling
business unit. "The flexibility of a posted 1500 horsepower rig
with a top drive advances our ability to deliver innovative,
reliable and efficient performance to our customers today and well
into the future. We look forward to putting the rig to work
soon."
Parker Drilling (NYSE: PKD)
provides contract drilling and drilling-related services and rental
tools to the energy industry. The Company's drilling business
serves operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker's barge rig
fleet and in select U.S. and international markets and
harsh-environment regions utilizing Parker-owned and customer-owned
equipment. The Company's rental tools business supplies premium
equipment and well services to operators on land and offshore in
the U.S. and international markets. More information about
Parker Drilling can be found on the
Company's website at www.parkerdrilling.com.
SOURCE Parker Drilling Company