HOUSTON, April 14, 2015
/PRNewswire/ -- Parker Drilling Company (NYSE-PKD), an
international provider of drilling services and rental tools to the
energy industry, today published its new segment reporting
structure. Parker Drilling Company (the "Registrant" or the
"Company") has completed a business review and as a result has
aligned its reportable segments with its two core business lines,
Rental Tools Services and Drilling Services, and its current
internal organizational structure. The Company will continue
to report its Rental Tools Services business as one reportable
segment (Rental Tools); however, effective with the first quarter
of 2015, the Company will report its Drilling Services business as
two segments: (1) U.S. (Lower 48) Drilling, and (2) International
& Alaska Drilling. The U.S. (Lower 48) Drilling
reportable segment is comprised of U.S. Barge Drilling, which was
previously a reportable segment, and U.S. (Lower 48) based O&M
work, which was previously included in our U.S. Drilling reportable
segment. The International & Alaska Drilling reportable
segment is comprised of International Drilling, which was
previously a reportable segment, and Alaska Drilling operations,
which was previously included in our U.S. Drilling reportable
segment. The Technical Services business will no longer be a
reportable segment, but will be reported in the Drilling Services
reportable segment benefiting from the support service
activities. Historically, these activities have supported the
businesses now comprising the International & Alaska Drilling
reportable segment.
The Company has filed a Form 8-K with the U.S. Securities and
Exchange Commission recasting certain historical financial
information related to its new reporting segments. The new
segment reporting structure does not affect the Company's
previously reported financial condition and consolidated results of
operations.
Cautionary Statement
This press release contains certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934. All
statements in this press release other than statements of
historical facts that address activities, events or developments
that the Company expects, projects, believes, or anticipates will
or may occur in the future are forward-looking statements. These
statements include, but are not limited to, statements about
anticipated future financial or operational results; the outlook
for rental tools utilization and rig utilization and dayrates; the
results of past capital expenditures; scheduled start-ups of rigs;
general industry conditions such as the demand for drilling and the
factors affecting demand; competitive advantages such as
technological innovation; future operating results of the Company's
rigs, rental tools operations and projects under management; future
capital expenditures; expansion and growth opportunities;
acquisitions or joint ventures; asset sales; successful negotiation
and execution of contracts; scheduled delivery of drilling rigs or
rental equipment for operation; the strengthening of the Company's
financial position; increases in utilization or market share;
outcomes of legal proceedings; compliance with credit facility and
indenture covenants; and similar matters. These statements are
based on certain assumptions made by the Company based on
management's experience and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate. Although the Company believes
that its expectations stated in this press release are reasonable,
such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
that could cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include risks relating to changes in worldwide economic and
business conditions, fluctuations in oil and natural gas prices,
compliance with existing laws and changes in laws or government
regulations, the failure to realize the benefits of, and other
risks relating to, acquisitions, the risk of cost overruns, our
ability to refinance our debt and other important factors, many of
which could adversely affect market conditions, demand for our
services, and costs, and all or any one of which could cause actual
results to differ materially from those projected. For more
information, see "Risk Factors" in the Company's Annual Report
filed on Form 10-K with the Securities and Exchange Commission and
other public filings and press releases. Each forward-looking
statement speaks only as of the date of this press release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Company Description
Parker Drilling (NYSE: PKD)
provides drilling services and rental tools to the energy industry.
The Company's Drilling Services business serves operators in the
inland waters of the U.S. Gulf of
Mexico utilizing Parker
Drilling's barge rig fleet and in select international
markets and harsh-environment regions utilizing Parker Drilling-owned and customer-owned
equipment. The Company's Rental Tools Services 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.
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SOURCE Parker Drilling Company