Parker Drilling Company provides contract drilling and drilling-related services and rental tools. The company owns and operates drilling rigs and drilling-related equipment and also performs drilling-related services, referred to as operations and maintenance (O&M) services, for customer-owned drilling rigs on a contracted basis. Segments The company’s segments include Rental Tools, U.S. Barge Drilling, U.S. Drilling, International Drilling, and Technical Services. Rental Tools This segment provides premium rental tools and services for land and offshore oil and natural gas drilling, workover and production applications. Tools the company provides include drill collars, standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, and pressure control equipment including blow-out preventers. The company also provides services, including fishing, tubular running, inspection and machine shop support. The company maintains an inventory of rental tools and provides services to its customers on land and offshore from facilities in Louisiana, Texas, Oklahoma, Wyoming, North Dakota, West Virginia, as well as in the Middle East, Latin America, U.K., Europe, and the Asia-Pacific regions. Its rental tools business supplies premium equipment to exploration and production (E&P) companies, drilling contractors, and service companies on land and offshore in the United States (U.S.) and select international markets. The company’s major single market for rental tools is U.S. land drilling, a cyclical market driven primarily by oil and gas prices and its customers' access to project financing. A portion of the company’s U.S. rental tools business is supplying tubular goods and other equipment to offshore Gulf of Mexico (GOM) customers. The company’s principal customers are major and independent E&P companies. In 2013, the company completed the acquisition of International Tubular Services Limited (ITS) and related assets. U.S. Barge Drilling This segment’s U.S. GOM barge drilling rig fleet is the major marketed barge fleet in the GOM region, with rigs ranging from 1,000 to 3,000 horsepower with drilling depth capabilities ranging from 13,000 to approximately 30,000 feet. Its rigs drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama and Texas. The majority of these wells are drilled in water depths of 6 to 12 feet. The company’s rigs are all equipped for zero-discharge operations and are suitable for various drilling programs in inland coastal waters, from along inland waterways requiring shallow draft barges to open water drilling on the continental shelf requiring capabilities. U.S. Drilling Business This segment primarily consists of two arctic-class drilling rigs in Alaska designed to address the challenges presented by the remote location, harsh climate and sensitive environment that characterize the Alaskan North Slope, in addition to O&M work in support of a customer's offshore platform operations located in the Channel Islands region of California. International Drilling Business This segment includes operations related to Parker-owned and customer-owned rigs. The company provides O&M and other project management services, such as labor, maintenance, technical and logistics support for operators who own their own drilling rigs, but choose Parker Drilling to operate the rigs for them. During the year ended December 31, 2014, the company had rigs operating in Mexico, Colombia, Kazakhstan, Papua New Guinea, Indonesia, the Kurdistan Region of Iraq and Sakhalin Island, Russia. In addition, it has O&M and ongoing project management activities for customer-owned rigs in Abu Dhabi, Sakhalin Island, Russia and Kuwait. Technical Services Business This segment includes engineering and related project services during concept development, pre-FEED (Front End Engineering Design) and FEED phases of customer-owned drilling facility projects. During the engineering, procurement, construction, installation and commissioning phases of these projects, the company provides project management and procurement services focusing primarily on drilling equipment and drilling systems. The company’s technical services business is also its engineering expertise center and provides its ongoing businesses with services similar to those provided to its external customers, including rig design and management of repairs, modifications and upgrades to its existing rig fleet. Business Strategy The key elements of the company’s strategy include consistently delivering innovative, reliable, and efficient results that help its customers reduce their operational risks and manage their operating costs; and investing to improve and growing its existing business lines, and to expand the scope of products and services it offers. Customers The company’s customer base consists of major, independent and national oil and natural gas E&P companies and integrated service providers. In 2014, the company’s major customer, Exxon Neftegas Limited accounted for approximately 18.7 percent of its total revenues. Seasonality The company’s rigs in the inland waters of the GOM are subject to severe weather during certain periods of the year, particularly during hurricane season from June through November, which could halt operations for prolonged periods or limit contract opportunities during that period. In addition, mobilization, demobilization, or well-to-well movements of rigs in arctic regions can be affected by seasonal changes in weather or weather so severe the conditions are deemed too unsafe to operate. History Parker Drilling Company was founded in 1934. The company was incorporated in the state of Oklahoma in 1954.
parker drilling co
(PKD:New York Consolidated)
5 Greenway Plaza
Houston, TX 77046
|Patterson-UTI Energy Inc||$14.78 USD||-0.58|
|Pioneer Energy Services Corp||$3.05 USD||+0.03|
|Precision Drilling Corp||C$5.92 CAD||-0.31|
|Rowan Cos Plc||$17.22 USD||-0.36|
|Unit Corp||$14.58 USD||+0.08|
|View Industry Companies|
Sponsored Financial Commentaries
To contact PARKER DRILLING CO, please visit www.parkerdrilling.com. Company data is provided by Capital IQ. Please use this form to report any data issues.