A five-year drilling contract, with a five-year option, is expected to be executed by the end of the month. Operations are anticipated to commence during the second half of 2010, following construction and mobilization to the North Slope.
Revenues related to the project are expected to be in excess of
"These rigs are designed to reduce the total well cost for the customer through faster well times and mobilization while reducing the environmental impact, true to our strategic plan of providing a fleet of advanced rigs preferred by our customers in all market conditions."
The new arctic-class rigs incorporate some of the most advanced features available in the global land rig market, including:
-- Safety-engineered state-of-the-art equipment package, which reduces vibration, noise, and personnel hazards; -- Rigs designed from targeted benchmark well data incorporating technology to decrease well times resulting in increased number of wells per year; -- On-board command center centralizing decision-making processes; -- Fully automated drilling system featuring fuel-efficient AC technology and variable frequency drive, substantially reducing emissions, automating the drilling process and enhancing power delivery; -- Fully enclosed rig modules for operation in arctic conditions down to -50°F; -- Design composed of three lightweight Drilling, Mud and Utility modules, enabling the entire rig to be moved in only three loads, resulting in increased mobility and faster rig-up; -- Offline pipe handling, enabling faster well times; -- Zero-discharge capabilities and reduced loading on roads and drill sites, reducing overall environmental impact.
The Company anticipates financing a portion of the cost of the two
newbuild rigs with a new senior credit facility that will provide for an
Parker Drilling Company (NYSE: PKD) provides high-performance contract
drilling solutions, rental tools and project management services to the
worldwide energy industry. Parker operates 27 land rigs in strategic
international markets and 17 offshore barge rigs, primarily in the U.S.
This 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, 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 the execution of the five year drilling contract for
construction and operation of two new drilling rigs and the receipt of
commitments from lenders and the execution of a
SOURCE Parker Drilling Company