05.08.2008
HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- Parker Drilling Company
(NYSE: PKD) announced today a new contract to design the drilling package for
the Sakhalin-1 Arkutun-Dagi offshore platform.
The Arkutun-Dagi Field, offshore Sakhalin Island, Russia, is one of the
three offshore fields to be developed by the Sakhalin-1 project, which when
combined with the Chayvo and Odoptu fields has recoverable reserves of 2.3
billion barrels of oil and 17.1 trillion cubic feet of gas. All three fields
are being developed by the Sakhalin-1 Consortium and operated by Exxon
Neftegas Limited. Arkutun-Dagi is located approximately 15.5 miles east of
the Chayvo Field offshore Sakhalin Island.
Parker will design a complete drilling package, including the derrick,
pipe barn, substructure, well control system and mud system. Parker engineers
will also ensure seamless integration of the drilling systems with the main
topsides design, provided by Sakneftegaz Engineering LLC.
David C. Mannon, Parker Drilling president and chief operating officer,
said: "The Arkutun-Dagi project is the newest chapter in our 40-year history
of arctic drilling projects, which includes the FEED (Front-End Engineering
and Design), EPCI (Engineering, Procurement, Construction and Installation),
and Operations and Management projects for the Yastreb extended-reach drilling
rig in the Chayvo field, also for the Sakhalin-1 Consortium.
"The Arkutun-Dagi project is also the newest addition to our growing
Project Management business, which includes the FEED and recently announced
EPCI contract for the Liberty ultra extended-reach drilling rig in the Alaskan
Beaufort Sea.
"These new contracts are attributable to our proven arctic drilling
solutions and the Yastreb's record-breaking performances in extended-reach
drilling. Our competitive advantage is built on our successful track record
in these types of projects. As the search for oil and gas continues to lead
into remote and environmentally extreme locations, major and national oil
companies increasingly rely on Parker for innovative design and development
technology," Mannon concluded.
Parker Drilling Company (NYSE: PKD) provides high-performance contract
drilling solutions, rental tools and project management services to the
worldwide energy industry. Parker operates 28 land rigs in strategic
international markets and 17 offshore barge rigs, primarily in the U.S. Gulf
of Mexico transition zone. The Company's Quail Tools division rents premium
equipment to operators in active land and offshore markets in North America.
Founded in 1934, Parker has set numerous world records for deep and
extended-reach drilling and is an industry leader in safety performance. More
information about Parker Drilling can be found at
http://www.parkerdrilling.com.
This release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Securities Acts. All
statements, 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, including,
integration of drilling systems, competitive advantages including cost
effective integrated solutions and technological innovation, and future
technological innovation and other such matters, are forward-looking
statements. Although the Company believes that its expectations stated in this
release are based on reasonable assumptions, actual results may differ
materially from those expressed or implied in the forward-looking statements.
For a detailed discussion of risk factors that could cause actual results to
differ materially from the Company's expectations, please refer to the
Company's reports filed with the SEC, and in particular, the report on Form
10-K for the year ended December 31, 2007, as supplemented on Form 10-Q for
the quarter ended March 31, 2008. Each forward-looking statement speaks only
as of the date of this release, and the Company undertakes no obligation to
publicly update or revise any forward-looking statement.
