Parker sells 245 to Nabors Alaska

Petroleum News Alaska Staff

Parker Drilling Co. said Nov. 20 that it has sold its last U.S. land rig, Rig 245, to Nabors Alaska Drilling Co. for $20 million cash. Proceeds from the sale will be used in strategic areas in the Gulf of Mexico and international drilling markets.

After more than 30 years as a provider of premier Arctic drilling service and equipment in the Alaska market, Parker Drilling elected to exit Alaska and the Lower 48 land drilling business two years ago in pursuit of the offshore Gulf of Mexico and international drilling markets.

Rig 245 was a new-build rig constructed by Parker Drilling in 1991 for its customer, ARCO Alaska Inc. (now Phillips Alaska Inc.) The rig set several drilling records while working for ARCO in the Kuparuk River Unit on the North Slope of Alaska.

"Parker held a distinguished Arctic drilling record in Alaska," said Robert Parker Jr., Parker Drilling's president and chief executive officer.

"Our corporate strategy now focuses on the Gulf of Mexico and international drilling markets. With last year's sale of Parker's Lower 48 land rig fleet, it makes strategic sense to sell this one remaining U.S. land rig asset."

Parker Drilling is a Tulsa-based global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore drilling. Parker also operates Quail Tools, a provider of premium rental tools for oil and gas drilling. Parker Drilling has 80 marketable rigs and employs more than 3,300 people worldwide.