Key Developments: Parker Drilling Co (PKD.N)

PKD.N on New York Stock Exchange

4.67USD
22 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Parker Drilling Co gives Q3 2014 EBITDA outlook; revenue outlook below analysts' estimates; lowers FY 2014 revenue outlook - Conference Call
Wednesday, 6 Aug 2014 11:00pm EDT 

Parker Drilling Co:Expects Q3 2014 revenues will be in the range of $235 -$255 mln.Expects Q3 2014 EBITDA as a percent of revenues will be in the high 20 pct's.Expects FY 2014 revenue growth between 12-15 pct for FY 2013.This is lower than prior guidance, primarily due to the civil unrest in Iraq and lower than expected demand in Latin America.Reported revenue of $874.17 mln in FY 2013.Q3 2014 revenue of $261 mln, EBITDA of $78.82 mln - Thomson Reuters I/B/E/S.FY 2014 revenue of $1.003 bln - Thomson Reuters I/B/E/S.  Full Article

Parker Drilling Co reaffirms FY 2014 outlook; gives Q2 2014 EBITDA outlook; revenue outlook below analysts' estimates - Conference Call
Thursday, 8 May 2014 11:00am EDT 

Parker Drilling Co:Says its on track to achieve its FY 2014 revenue and earnings projections.Expects Q2 2014 revenues of between $230 -$250 mln.Expects Q2 2014 EBITDA as a percentage of revenues in the upper 20 pct range.Q2 2014 revenue of $252 mln, EBITDA of $75.08 mln - Thomson Reuters I/B/E/S.FY 2014 revenue of $1.024 bln - Thomson Reuters I/B/E/S.  Full Article

Parker Drilling Co elects Chairman
Tuesday, 6 May 2014 05:38pm EDT 

Parker Drilling Co:Elects Gary G. Rich, president and chief executive officer, as Chairman effective immediately.Rich replaces Robert L. "Bobby" Parker Jr. as chairman.  Full Article

Parker Drilling Co gives Q1, FY 2014 revenue guidance in line with estimates - Conference call
Wednesday, 26 Feb 2014 11:00am EST 

Parker Drilling Co:Expect Q1 2014 revenues to be in the range of $215 mln to $235 mln.Expects overall revenues to increase between 15 pct. and 20 pct. in FY 2014 compared to FY 2013.Reported revenue of $874 mln in FY 2013.Q1 2014 revenue estimate $227 mln - Thomson Reuters I/B/E/S.FY 2014 revenue estimate $1.025 bln - Thomson Reuters I/B/E/S.  Full Article

Parker Drilling Co announces pricing of 6.750% senior notes due 2022
Tuesday, 7 Jan 2014 05:33pm EST 

Parker Drilling Co:Says it has priced its previously announced private placement of $360 mln in aggregate principal amount of its senior notes due 2022 at par, for a yield to maturity of 6.750 pct.Says the offering is expected to close on Jan. 22.Says the company intends to use the net proceeds from the offering to fund a portion of its previously announced tender offer for any and all of its outstanding 9.125 pct. senior notes due 2018 and the related consent solicitation and to pay related premiums, fees and expenses.  Full Article

Parker Drilling Co Announces Closing Of Sale Of $225 Million Of Senior Notes Due 2020
Tuesday, 30 Jul 2013 05:12pm EDT 

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
Monday, 22 Jul 2013 06:33am EDT 

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
Monday, 22 Jul 2013 06:29am EDT 

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
Thursday, 9 May 2013 07:55am EDT 

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
Monday, 22 Apr 2013 09:50am EDT 

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

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