Parker Drilling Reports $13M Loss

Tulsa-based Parker Drilling Company reported an unaudited loss for the fourth quarter of $13,353,000. This compares with a loss of $11,266,000 for the fourth quarter of 1998. Financial results for the fourth quarter of 1999 were improved over the third quarter loss of $14,900,000 after adjusting for non-recurring gains and losses. For the year 1999, Parker Drilling reported a loss of $37,897,000, as compared to a loss of $5,587,000 for calendar 1998. The loss for 1999 was positively impacted by a number of non-recurring items, which amounted to a gain of $12,600,000 on an after-tax basis. Officials expressed optimism for improvement, stating that drilling activity in the Gulf of Mexico continues to improve, and Parker's jack-up rig fleet is now is experiencing high utilization. Dayrates are improving with each new contract, they said.