Key Developments: Parker Drilling Co (PKD)
4.81USD
20 May 2013
$0.22 (+4.79%)
$4.59
$4.56
$4.94
$4.53
808,606
788,193
$6.18
$3.61
Latest Key Developments (Source: Significant Developments)
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 Company Announces Sale Of 9 1/8% Senior Notes Due 2018
Parker Drilling Company announced that it has agreed to sell to eligible purchasers an additional $125 million aggregate principal amount of its 9 1/8% Senior Notes due 2018. The notes were priced at 104.000% of par, for a yield to maturity of 8.256%. The offering is expected to close on April 25, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds of the offering of the senior notes to fund a cash tender offer for any and all of the $125 million outstanding principal amount of the Company's 2.125% Convertible Senior Notes due 2012. The notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. Full Article
Parker Drilling Company Reports Executive Departure-Gulf Oil & Gas
Gulf Oil & Gas reported that Parker Drilling Company announced the departure of David C. Mannon, President, Chief Executive Officer (CEO) and Director, to pursue other interests effective March 9, 2012. The Company also announced that Robert L. (Bobby) Parker Jr., the Company's executive chairman and previous CEO, will resume the duties of president and chief executive officer and continue to serve as executive chairman while the Company continues its search for Mr. Mannon's permanent replacement. Full Article
Parker Drilling Company Issues Q4 2011 Charge Guidance
Parker Drilling Company announced that in order to adjust the rigs' values to their estimated fair value, the Company expects to record a pre-tax, non-cash charge in the 2011 fourth quarter of approximately $171 million. This is expected to reduce 2011 fourth quarter after-tax earnings per share by approximately $0.95. 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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