Key Developments: Parker Drilling Co (PKD.N)
6.09USD
1 Aug 2013
$0.02 (+0.33%)
$6.07
$6.20
$6.25
$5.92
224,650
184,276
$6.35
$3.61
Latest Key Developments (Source: Significant Developments)
Parker Drilling Co Announces Closing Of Sale Of $225 Million Of Senior Notes Due 2020
Parker Drilling Co announced that it has closed its previously announced sale of $225 million aggregate principal amount of 7.500% senior notes due 2020 in a private offering. The notes are unsecured and guaranteed (a) initially, by each of the Company's current restricted subsidiaries that guarantee any indebtedness under its senior secured credit facility or its 9 1/8% Senior Notes due 2018 and (b) thereafter, by each of its other restricted subsidiaries that is not already a guarantor that guarantees or otherwise becomes liable with respect to any of the Company's indebtedness or the indebtedness of any other guarantor. The notes will mature on August 1, 2020. The Company intends to use the net proceeds from the offering to repay in full the outstanding indebtedness and other amounts owing under its $125 million five-year term loan with Goldman Sachs Bank USA undertaken to fund the April 22, 2013 acquisition of International Tubular Services Limited and certain of its affiliates, to repay in full the indebtedness outstanding under its senior secured term loan facility (as recently amended to provide for additional future borrowings through April 30, 2014) and for general corporate purposes. Full Article
Parker Drilling Co Issues Q2 2013 Guidance Above Analysts' Estimates
Parker Drilling Co announced that for the second quarter of 2013, it expects revenues in the range of $215-$23 million, operating income (EBIT) in the range of $27-$33 million and net income in the range of $7-$11 million. The estimates include contributions from the April 22, 2013 acquisition of International Tubular Services Limited. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $204 million, EBIT of $22 million and net income of $6 million for the second quarter of 2013. Full Article
Parker Drilling Co Announces Proposed Private Offering Of Senior Notes
Parker Drilling Co announced that it intends, subject to market and other conditions, to offer and sell to eligible purchasers $225 million aggregate principal amount of Senior Notes due 2020. The Company intends to use the net proceeds from the offering; to repay in full the outstanding indebtedness and other amounts owing under its $125 million five-year term loan with Goldman Sachs Bank USA undertaken to fund the April 22, 2013 acquisition of ITS Tubular Services Limited and certain of its affiliates; to repay in full the indebtedness outstanding under its senior secured term loan facility (as recently amended to provide for additional future borrowings through April 30, 2014) and for general corporate purposes. Full Article
Parker Drilling Co Selects Christopher T. Weber As Senior Vice President And Chief Financial Officer
Parker Drilling Co announced that Christopher T. (Chris) Weber has been selected as senior vice president and Chief Financial Officer, effective May 20, 2013. Full Article
Parker Drilling Co Acquires International Tubular Services Limited
Parker Drilling Co announced the acquisition of International Tubular Services Limited and certain affiliates (ITS), subsidiaries of ITS Tubular Services (Holdings) Limited, a privately held international rental tools and well services company. In line with Parker's strategic goal to offer additional integrated products, services and expertise to international energy exploration and production (E&P) operators and drilling contractors, the acquisition significantly expands Parker's Rental Tools business to include ITS' customer base in growing international markets and additional well services. The business combination also creates opportunities to increase financial performance by leveraging operating costs and realizing tax benefits. ITS is an independent provider of rental tools and well services. Principal activities are renting drilling tubulars and pressure control equipment and providing casing running and fishing services. For this transaction, Goldman, Sachs & Co. acted as financial advisor, Ernst &Young LLP provided advisory services, and Baker Botts LLP acted as Parker's legal advisor. Full Article
Parker Drilling Co Issues Q4 2012 EPS Guidance
Parker Drilling Co announced that excluding the impact of the settlement with the DOJ and SEC, the Company expects to report a net loss for the 2012 fourth quarter of between $0.03 and $0.05 per diluted share. Full Article
Parker Drilling Co Announces Departure Of Chief Financial Officer
Parker Drilling Co announced the departure of W. Kirk Brassfield, Senior Vice President and Chief Financial Officer to be effective April 30, 2013. Mr. Brassfield will assist the Company in identifying his successor and will continue his duties as senior Vice President and Chief Financial Officer during a transition period extending through April 30, 2013, unless his successor is located and the transition period is completed before that date. Full Article
Parker Drilling Co Commences Drilling Operations With First of Two Arctic Alaska Drilling Units
Parker Drilling Co announced that 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 in December first week under the terms of the Company's five-year contract with BP. Full Article
Parker Drilling Co Selects Gary Rich As President And Chief Executive Officer
Parker Drilling Co announced that its Board of Directors has selected Gary Rich as President and Chief Executive Officer (CEO), effective October 1, 2012. Mr. Rich will also serve as a member of Parker Drilling's board of directors. Mr. Rich assumes the President and Chief Executive Officer role from Robert L. Parker Jr., who will remain Executive Chairman of Parker Drilling. Full Article
Parker Drilling Company Announces Closing Of Sale Of $125 Million 9 1/8% Senior Notes Due 2018
Parker Drilling Company announced that it has closed its previously announced sale of $125 million aggregate principal amount of 9 1/8% senior notes due 2018 in а private offering. The notes are unsecured and guaranteed by substantially all of the Company's direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenue primarily outside the United States. The notes will mature on April 1, 2018. The Company intends to use the net proceeds from the offering of the notes to fund the Company's previously announced tender offer for any and all of the $125 million outstanding principal amount of the Company's 2.125% convertible senior notes due 2012; to pay related fees and expenses; and, to the extent it has remaining proceeds, for general corporate purposes. The consummation of the offering of the notes satisfies the financing condition of the tender offer. Full Article
Parker Drilling settles bribery charges, sees fourth-quarter loss
- Parker Drilling Co said it reached a settlement with U.S. regulators investigating charges of bribery in Kazakhstan and Nigeria, and estimated a surprise loss for the fourth quarter.

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