HOUSTON, Nov. 5, 2014
/PRNewswire/ -- Parker Drilling Company (NYSE-PKD), an
international provider of contract drilling and drilling-related
services and rental tools to the energy industry, today reported
results for the quarter ended September 30, 2014, including
net income of $12.6 million, or
$0.10 per diluted share, on revenues
of $242.0 million. Excluding
non-routine items, the Company earned net income of $11.8 million or $0.10 per diluted share, compared with similarly
adjusted 2014 second quarter net income of $15.1 million or $0.12 per diluted share, on revenues of
$254.2 million. Third quarter
adjusted EBITDA, excluding non-routine expenses, was $70.3 million, compared with $71.0 million for the preceding quarter.
"Our third quarter results were in line with our expectations
and reflect a solid performance from our operations. We
achieved a sequential increase in gross margin and gross margin as
a percentage of revenues, although revenues declined due to
anticipated reductions in Technical Services project revenues,
reimbursable expenses and the Latin
America region's rig fleet utilization," said Gary Rich, chairman, president and chief
executive officer.
"We continue to make gains in growing and strengthening our
business. Recently, we committed one of two rigs currently
stationed in Tunisia for work in
the Caspian / Middle East market. The commitment also
includes further work for one of our two rigs in the Kurdistan
Region of Iraq. In addition, we secured a new operations and
maintenance contract to provide extended reach drilling services
for two customer-owned rigs in the Arabian Gulf.
Outlook
"We believe the recent decline in the price of crude oil is
beginning to influence drilling activity in U.S. markets. This
could lead to lower than previously expected fourth quarter
revenues and earnings from our U.S. operations. However, our
international businesses operate in markets where drilling activity
is less volatile. As a result, our near-term expectations for
our international businesses are largely unchanged.
"As current market concerns resolve themselves, we expect the
long-term needs of the industry to generate growth in demand for
the services we provide. We believe this will produce
opportunities to further grow our businesses, enhance our operating
performance and deliver strong financial results," Mr. Rich
added.
Third Quarter Review
Parker Drilling's revenues for
the 2014 third quarter, compared with the 2014 second quarter,
decreased 4.8 percent to $242.0
million from $254.2 million,
operating gross margin excluding depreciation and amortization
expense (segment gross margin) increased to $81.2 million from $79.7
million and segment gross margin as a percentage of revenues
was 33.6 percent, compared with 31.3 percent for the prior
period.
For the Company's combined drilling operations, revenues
declined 8 percent to $154.3 million
from $167.1 million, gross margin
declined 2 percent to $45.5 million
from $46.3 million, and drilling
operations' gross margin as a percentage of revenues was 29.5
percent, compared with 27.7 percent. The decrease in
revenues was primarily due to the anticipated reduction in
Technical Services project revenues, lower reimbursable expenses
and lower Latin America rig fleet
utilization. This was largely offset by higher average
dayrates and lower operating costs.
- U.S. Barge Drilling revenues were $39.6
million, gross margin was $20.7
million, and gross margin as a percentage of revenues was
52.2 percent. Compared with the 2014 second quarter, revenues
declined 2 percent and gross margin declined 4 percent. The
declines in revenues and gross margin were primarily the result of
lower utilization, partially offset by an increase in realized
average dayrate.
- U.S. Drilling revenues were $19.7
million, gross margin was $5.3
million, and gross margin as a percentage of revenues was
26.9 percent. Compared with the 2014 second quarter, revenues
declined 2 percent due to a reduction in reimbursable
expenses. Gross margin increased 6 percent, primarily
reflecting growing efficiencies in our Alaska operations.
- International Drilling revenues were $88.2 million, gross margin was $18.5 million, and gross margin as a percentage
of revenues was 20.9 percent. Compared with the 2014 second
quarter, revenues declined 4 percent and gross margin declined 2
percent. The decrease in revenues was primarily due to
the anticipated decline in reimbursable expenses and the expected
reduction in our Latin America rig
fleet utilization. This was partially offset by a higher
realized average dayrate. Lower operating expenses, primarily
in our operations in the Kurdistan Region of Iraq, kept gross margin relatively
unchanged.
- Technical Services revenues were $6.8
million, gross margin was $1.0
million, and gross margin as a percentage of revenues was
15.4 percent. Compared with the 2014 second quarter, revenues
decreased 55 percent due to the expected reduction in
vendor services associated with customer projects. Vendor
services revenues make little contribution to gross margin.
As a result, gross margin was relatively unchanged.
Rental Tools revenues were $87.7
million, gross margin was $35.7
million, and gross margin as a percentage of revenues was
40.7 percent. Compared with the 2014 second quarter, revenues
increased 1 percent and gross margin increased 7 percent. The
increases in revenues and gross margin were primarily due to growth
in U.S. Gulf of Mexico offshore
deepwater activity and lower operating costs in our international
operations. These benefits were partially offset by reduced
activity in the U.S. Gulf of
Mexico shelf and inland waters markets.
General and Administrative Expense increased to $9.4 million for the 2014 third quarter, from
$7.0 million for the 2014 second
quarter. Both periods benefited from the receipt of funds
from an escrow account established in connection with the ITS
acquisition. Excluding this benefit, General and
Administrative Expense was $10.6
million in the 2014 third quarter and $8.5 million in the 2014 second quarter.
The increased expense was primarily due to higher professional
fees for corporate services.
Capital expenditures year-to-date through September 30, 2014 were $151.1 million.
"Our attention remains focused on developing strong, durable and
competitive operations capable of providing customers with
innovative, reliable and efficient business solutions. We
believe our success in this will produce sustainable and profitable
results, attractive returns and growth for Parker Drilling," concluded Mr. Rich.
Conference Call
Parker Drilling has scheduled a
conference call for 10:00 a.m. Central
Time (11:00 a.m. Eastern Time)
on Thursday, November 6, 2014, to review reported
results. The call will be available by telephone at (719)
325-2454. The call can also be accessed through the Investor
Relations section of the Company's website. A replay of the
call can be accessed on the Company's website for 12 months and
will be available by telephone from November
6, 2014 through November 13,
2014 at (888) 203-1112, using the access code 9060888#.
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 based on
reasonable assumptions, 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 contract drilling and drilling-related 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 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.
PARKER DRILLING
COMPANY
|
Consolidated
Condensed Balance Sheets
|
(Dollars in
Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
September 30,
2014
|
|
December 31,
2013
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
78,311
|
|
|
$
|
148,689
|
|
Accounts and Notes
Receivable, Net
|
264,803
|
|
|
257,889
|
|
Rig Materials and
Supplies
|
45,774
|
|
|
41,781
|
|
Deferred
Costs
|
6,857
|
|
|
13,682
|
|
Deferred Income
Taxes
|
8,015
|
|
|
9,940
|
|
Other Current
Assets
|
41,606
|
|
|
47,302
|
|
TOTAL CURRENT
ASSETS
|
445,366
|
|
|
519,283
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
912,853
|
|
|
871,356
|
|
|
|
|
|
|
|
OTHER
ASSETS
|
|
|
|
|
|
Deferred Income
Taxes
|
126,100
|
|
|
102,420
|
|
Other
Assets
|
36,694
|
|
|
41,697
|
|
TOTAL OTHER
ASSETS
|
162,794
|
|
|
144,117
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$
|
1,521,013
|
|
|
$
|
1,534,756
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Current Portion
of Long-Term Debt
|
$
|
10,000
|
|
|
$
|
25,000
|
|
Accounts Payable and
Accrued Liabilities
|
172,464
|
|
|
182,152
|
|
TOTAL CURRENT
LIABILITIES
|
182,464
|
|
|
207,152
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
607,500
|
|
|
628,781
|
|
|
|
|
|
|
|
LONG-TERM DEFERRED
TAX LIABILITY
|
54,540
|
|
|
38,767
|
|
|
|
|
|
|
|
OTHER LONG-TERM
LIABILITIES
|
17,907
|
|
|
26,914
|
|
|
|
|
|
|
|
TOTAL CONTROLLING
INTEREST IN STOCKHOLDERS' EQUITY
|
654,969
|
|
|
631,696
|
|
Noncontrolling
interest
|
3,633
|
|
|
1,446
|
|
TOTAL
EQUITY
|
658,602
|
|
|
633,142
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
1,521,013
|
|
|
$
|
1,534,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Ratio
|
2.44
|
|
|
2.51
|
|
|
|
|
|
|
|
Total Debt as a
Percent of Capitalization
|
49
|
%
|
|
51
|
%
|
|
|
|
|
|
|
Book Value Per Common
Share
|
$
|
5.37
|
|
|
$
|
5.24
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Three Months Ended
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
REVENUES
|
$
|
242,012
|
|
|
$
|
237,762
|
|
|
$
|
254,234
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
160,797
|
|
|
153,147
|
|
|
174,569
|
|
Depreciation and
Amortization
|
36,149
|
|
|
35,882
|
|
|
36,180
|
|
|
196,946
|
|
|
189,029
|
|
|
210,749
|
|
TOTAL OPERATING GROSS
MARGIN
|
45,066
|
|
|
48,733
|
|
|
43,485
|
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expense
|
(9,370)
|
|
|
(14,238)
|
|
|
(7,007)
|
|
Gain (Loss) on
Disposition of Assets, Net
|
(457)
|
|
|
1,094
|
|
|
1,019
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
35,239
|
|
|
35,589
|
|
|
37,497
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest
Expense
|
(10,848)
|
|
|
(13,127)
|
|
|
(10,599)
|
|
Interest
Income
|
36
|
|
|
130
|
|
|
88
|
|
Loss on
extinguishment of debt
|
—
|
|
|
(5,218)
|
|
|
(479)
|
|
Change in fair value
of derivative positions
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
(536)
|
|
|
(144)
|
|
|
1,032
|
|
TOTAL OTHER
EXPENSE
|
(11,348)
|
|
|
(18,359)
|
|
|
(9,958)
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
23,891
|
|
|
17,230
|
|
|
27,539
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE
|
11,014
|
|
|
9,112
|
|
|
11,702
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
12,877
|
|
|
8,118
|
|
|
15,837
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
311
|
|
|
148
|
|
|
156
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
12,566
|
|
|
$
|
7,970
|
|
|
$
|
15,681
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
Basic
|
121,523,674
|
|
|
119,990,196
|
|
|
121,078,359
|
|
Diluted
|
123,177,753
|
|
|
121,674,591
|
|
|
122,764,247
|
|
PARKER DRILLING
COMPANY
|
Consolidated
Statement Of Operations
|
(Dollars in
Thousands, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2014
|
|
2013
|
|
|
|
|
|
|
REVENUES
|
$
|
725,471
|
|
|
$
|
630,851
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Operating
Expenses
|
501,391
|
|
|
413,294
|
|
Depreciation and
Amortization
|
106,666
|
|
|
97,674
|
|
|
608,057
|
|
|
510,968
|
|
TOTAL OPERATING GROSS
MARGIN
|
117,414
|
|
|
119,883
|
|
|
|
|
|
|
|
General and
Administrative Expense
|
(25,341)
|
|
|
(49,286)
|
|
Gain on Disposition
of Assets, Net
|
433
|
|
|
2,759
|
|
|
|
|
|
|
|
TOTAL OPERATING
INCOME
|
92,506
|
|
|
73,356
|
|
|
|
|
|
|
|
OTHER INCOME AND
(EXPENSE):
|
|
|
|
|
|
Interest
Expense
|
(33,486)
|
|
|
(33,874)
|
|
Interest
Income
|
156
|
|
|
2,392
|
|
Loss on
extinguishment of debt
|
(30,152)
|
|
|
(5,218)
|
|
Change in fair value
of derivative positions
|
—
|
|
|
54
|
|
Other
|
1,391
|
|
|
(805)
|
|
TOTAL OTHER
EXPENSE
|
(62,091)
|
|
|
(37,451)
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
30,415
|
|
|
35,905
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE
(BENEFIT)
|
14,093
|
|
|
18,841
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
16,322
|
|
|
17,064
|
|
|
|
|
|
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
624
|
|
|
221
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO CONTROLLING INTEREST
|
$
|
15,698
|
|
|
$
|
16,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - BASIC
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
EARNINGS PER SHARE -
DILUTED
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES USED IN COMPUTING
|
|
|
|
|
|
EARNINGS PER
SHARE:
|
|
|
|
|
|
Basic
|
120,994,728
|
|
|
119,443,260
|
|
Diluted
|
122,972,014
|
|
|
121,693,781
|
|
PARKER DRILLING
COMPANY
|
Selected Financial
Data
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
$
|
87,711
|
|
|
$
|
89,614
|
|
|
$
|
87,169
|
|
|
U.S. Barge
Drilling
|
|
39,630
|
|
|
33,919
|
|
|
40,289
|
|
|
U.S.
Drilling
|
|
19,687
|
|
|
18,693
|
|
|
20,039
|
|
|
International
Drilling
|
|
88,173
|
|
|
88,562
|
|
|
91,754
|
|
|
Technical
Services
|
|
6,811
|
|
|
6,974
|
|
|
14,983
|
|
|
Total
Revenues
|
|
$
|
242,012
|
|
|
$
|
237,762
|
|
|
$
|
254,234
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
$
|
51,987
|
|
|
$
|
48,739
|
|
|
$
|
53,842
|
|
|
U.S. Barge
Drilling
|
|
18,939
|
|
|
18,112
|
|
|
18,761
|
|
|
U.S.
Drilling
|
|
14,395
|
|
|
14,786
|
|
|
15,045
|
|
|
International
Drilling
|
|
69,713
|
|
|
64,720
|
|
|
72,954
|
|
|
Technical
Services
|
|
5,763
|
|
|
6,790
|
|
|
13,967
|
|
|
Total
Operating Expenses
|
|
$
|
160,797
|
|
|
$
|
153,147
|
|
|
$
|
174,569
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING GROSS
MARGIN:
|
|
|
|
|
|
|
|
|
|
|
Rental
Tools
|
|
$
|
35,724
|
|
|
$
|
40,875
|
|
|
$
|
33,327
|
|
|
U.S. Barge
Drilling
|
|
20,691
|
|
|
15,807
|
|
|
21,528
|
|
|
U.S.
Drilling
|
|
5,292
|
|
|
3,907
|
|
|
4,994
|
|
|
International
Drilling
|
|
18,460
|
|
|
23,842
|
|
|
18,800
|
|
|
Technical
Services
|
|
1,048
|
|
|
184
|
|
|
1,016
|
|
|
Depreciation and
Amortization
|
|
(36,149)
|
|
|
(35,882)
|
|
|
(36,180)
|
|
|
Total
Operating Gross Margin
|
|
$
|
45,066
|
|
|
$
|
48,733
|
|
|
$
|
43,485
|
|
|
|
|
|
|
|
|
|
|
|
|
PARKER DRILLING
COMPANY
|
Adjusted
EBITDA
|
(Dollars in
Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30, 2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December
31, 2013
|
|
September
30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
Attributable to Controlling Interest
|
|
$
|
12,566
|
|
|
$
|
15,681
|
|
|
$
|
(12,549)
|
|
|
$
|
10,172
|
|
|
$
|
7,970
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Benefit)
Expense
|
|
11,014
|
|
|
11,702
|
|
|
(8,623)
|
|
|
6,766
|
|
|
9,112
|
|
Interest
Expense
|
|
10,848
|
|
|
10,599
|
|
|
12,039
|
|
|
13,946
|
|
|
13,127
|
|
Other Income and
Expense
|
|
500
|
|
|
(641)
|
|
|
28,746
|
|
|
(2,313)
|
|
|
5,234
|
|
(Gain) Loss on
Disposition of Assets, Net
|
|
457
|
|
|
(1,019)
|
|
|
129
|
|
|
(1,234)
|
|
|
(1,094)
|
|
Depreciation and
Amortization
|
|
36,149
|
|
|
36,180
|
|
|
34,337
|
|
|
36,378
|
|
|
35,882
|
|
Provision for
Reduction in Carrying Value of Certain Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,544
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA*
|
|
71,534
|
|
|
72,502
|
|
|
54,079
|
|
|
66,259
|
|
|
70,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-routine
Items
|
|
(1,250)
|
|
|
(1,500)
|
|
|
—
|
|
|
3,306
|
|
|
4,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA after
Non-routine Items
|
|
$
|
70,284
|
|
|
$
|
71,002
|
|
|
$
|
54,079
|
|
|
$
|
69,565
|
|
|
$
|
75,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA, a
non-GAAP financial measure, excludes items that management believes
are of a non-routine nature and which detract from an understanding
of normal operating performance and comparisons with other periods.
Management also believes that results excluding these items are
more comparable to estimates provided by securities analysts and
used by them in evaluating the Company's performance.
|
SOURCE Parker Drilling Company