PARKER DRILLING ANNOUNCES RIG FURLOUGH
PARKER DRILLING ANNOUNCES RIG FURLOUGH TULSA, Okla., Jan. 31 /PRNewswire/ -- Parker Drilling Co.
(NYSE: PKD) announced today that drilling operations for its three Western Siberian rigs have been suspended but that revenue will continue at a reduced rate under contract with White Nights Joint Enterprise.
"Our customer has asked us to suspend drilling operations and go on a reduced rate until the contract is terminated within 90 days, in accordance with its early termination provisions," said Robert L. Parker Jr., president and chief executive officer. Parker said that while he is disappointed that drilling will cease, "I am encouraged that these rigs are being considered for use by other western ventures in Russia. "White Nights expressed that they were pleased with our performance but that current economics in these particular fields did not warrant high tech western equipment," Parker added. White Nights is a partnership of Anglo-Suisse (U.S.S.R.) L.P., a privately-held American independent oil company; Phibro Energy Inc. a division of Salomon Inc., both of Houston; and Varyeganneftegaz, a Soviet oil and gas concern. In a related development, Parker Drilling indicated that its completion of a loan agreement from the European Bank for Reconstruction and Development has been placed on hold. A Parker subsidiary was previously extended a commitment of $12.5 million to project finance the modification and winterization of the three drilling rigs in Russia. "We are still extremely optimistic about the Russian drilling market potential," said Parker. "Several new outside ventures have recently been announced and as a drilling contractor, Parker is in a favorable position since we already have rigs in the country to bid," he explained. Parker Drilling is a worldwide oil and gas drilling contractor with operations in 15 countries. It is the first drilling firm to operate in Russia. -0- 1/31/92 /CONTACT: Tim Colwell or Phil Burch of Parker Drilling Co., 918-585-8221/ (PKD) CO: Parker Drilling Company ST: Oklahoma IN: OIL SU:
DG -- SF006 -- 5699 01/31/92 14:48 EST
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|Date:||Jan 31, 1992|
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