Parker Drilling commences drilling operations with first of two Arctic Alaska drilling units

Thursday, December 13, 2012
  • Rig 273 initiated operations earlier this week under the terms of the Company's five-year contract with BP.
  • The Company's second AADU, Rig 272, remains on schedule for acceptance testing in 2013.

Parker Drilling Company (NYSE: PKD) announced it has commenced drilling operations with Rig 273, the first of two Arctic Alaska Drilling Unit (AADU) rigs the Company has developed to safely and efficiently perform in environmentally sensitive, harsh arctic environments. Rig 273 initiated operations earlier this week under the terms of the Company's five-year contract with BP. The Company's second AADU, Rig 272, remains on schedule for acceptance testing in 2013.

"These are exciting times for our team," said Gary Rich, president and chief executive officer of Parker Drilling. "True to our heritage of ingenuity and determination, our team is successfully conquering the challenges of developing technological advances and high-performance resources for harsh arctic environments. We thank BP for working with us to ensure these AADU rigs meet our shared performance objectives for safety and efficiency and we look forward to continuing to work with BP to unlock the full potential of this promising region."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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