Parker reports good start for Alaska rigs

The president of Parker Drilling says the company’s two new Arctic-class rigs, now working for BP on Alaska’s North Slope, are “performing well.”

Rig 273 commenced operations in December, and rig 272 started operations in February.

Gary Rich, Parker’s chief executive, highlighted the rigs in a May 1 quarterly earnings report. He called the new-design rigs “innovative,” and said their launch has been successful.

It took longer than expected, however, for the rigs to go to work following their arrival on the North Slope in August 2011.

At one point, Parker disclosed that BP had held it in contractual default for failure to supply “operationally ready” rigs by Dec. 31, 2011. Parker disagreed that a default had occurred.

The rigs are operating in the Prudhoe Bay field under a five-year contract with BP.

Parker is an international drilling contractor based in Houston. The company trades on the New York Stock Exchange.

The company’s rig fleet includes 23 land rigs and two offshore barge rigs in international locations, 12 barge rigs in the U.S. Gulf of Mexico, and the two land rigs in Alaska.

—Wesley Loy