Parker Drilling sells jackup and platform rigs

Parker Drilling Co. has closed the sale of its jackup and platform rigs in the Gulf of Mexico.

Parker Drilling Co. has closed the sale of its jackup and platform rigs in the Gulf of Mexico.

Hercules Assets, LLC agreed to purchase jackup rigs11J, 15J, 20J, 21J, and 22J, and platform rigs 2P, 3P, 10P, and 41P and their related assets.

"We are pleased to move ahead with our asset sales program," said Robert L. Parker Jr., president and chief executive officer. "Looking ahead, we will continue to focus on our return to profitability by increasing utilization of our existing rig fleet and further reducing debt levels and interest expense through additional asset sales and cash flow."

Houston-based Parker Drilling is a global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore markets.

08/02/04

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