Parker Drilling adds new rig to its GoM fleet

5/26/2014

Parker Drilling adds new rig to its GoM fleet

HOUSTON -- Parker Drilling Company acquired a 1,500 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 ft, a top drive, three mud pumps, and living quarters for 44 people.

"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 CEO.

"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, V.P. of Parker's U.S. Barge Drilling business unit. "The flexibility of a posted 1,500 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."

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