Parker Drilling Company Reports No Damage to Gulf of Mexico Barge Rig Fleet Following Hurricane Gustav

HOUSTON, Sept. 3 /PRNewswire-FirstCall/ -- Parker Drilling Company (NYSE: PKD) reported today that all barge rigs operating in the Gulf of Mexico are accounted for in the aftermath of Hurricane Gustav.

No structural damage has been observed during the initial surveys. Prior to the storm, all rigs in the probable paths of Gustav were moved to safe harbor and all personnel were safely evacuated.

Personnel have begun to return to all rigs to resume operations. During the evacuation period, contracted rigs were subject to storm rates averaging nearly 90 percent of normal operating day rates.

Additionally, Quail Tools, Parker's drilling and production rental tools subsidiary, reported no damage to its New Iberia facility and is fully operational.

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.

SOURCE Parker Drilling Company

Released September 3, 2008