News | August 4, 1999

Parker Puts Two New Rigs to Work

Parker Puts Two New Rigs to Work
Parker Drilling has put two of its latest rigs to sail for new assignments, Rig 257, one of Parker's two state-of-the-art barge rigs, and Rig 75, a new multi-well, single location rig.

"Rig 257 is currently on location in the Caspian Sea, and the other, Rig 75, is currently enroute to its location in Nigeria," said Robert Parker, Jr., president and chief executive officer. "Both of these highly efficient new generation drilling units will commence long-term contracts in late August or early September," he added.

Parker Rig 257

Rig 257, now doing exploratory drilling for Offshore Kazakhstan International Operating Company in the Northeast Caspian Sea, is the largest technologically advanced barge rig to operate in the world and offers the combined innovation and experience of Parker's international shallow-water and land operations, including the harsh environments of Alaska and the PSU.

Rig 75, which will be operating in the transition zones of Nigeria in the Tunu Field, for Shell Petroleum Development Company (West), is a unique multi-well, single location-drilling unit that represents the next evolution in barge rig design. The rig design will provide clients with a significant reduction in development costs for the prolific oilfields of the Niger Delta.

Parker Rig 75

Robert L. Parker, Jr. added, "Oil and gas prices have improved in recent months, but drilling activity has not yet shown any significant increases. We anticipate that operators will increase their drilling budgets and project commitments in early 2000."