Parker Drilling Reports Status of Caspian Barge Rig
HOUSTON, July 2 /PRNewswire-FirstCall/ -- Parker Drilling Company (NYSE: PKD) today announced that it has received notification that Parker barge rig 257, the "Sunkar", has been temporarily impounded by the Mangistau Customs Control in Kazakhstan. Mangistau Customs has taken this action pursuant to its assessment of duties relating to the temporary import status of the Sunkar in Kazakhstan. Parker has filed an objection to this assessment with the court in the Mangistau Oblast at Aktau, which includes documentation supporting Parker's position that the rig is currently exempt from duties. The rig remains in its stacked location in the Caspian Sea port of Bautino. "We are cooperating with the governmental authorities to the fullest extent, and believe that judicial review of the documentation we have provided will result in the resolution of this dispute in our favor," said Robert L. Parker Jr., president and CEO. "We also believe that an amicable and timely resolution would be in the best interests of all parties involved. Our commitment to Kazakhstan and its citizens is evident in our long-term operations throughout the country, approximately 80 percent of which are staffed with Kazakh employees. We look forward to another opportunity to utilize our experience and technology to realize the full potential of this crucial region," said Parker. Parker Drilling is a Houston-based global energy company specializing in offshore drilling and workover services in the Gulf of Mexico and international land and offshore markets. Parker also owns Quail Tools, a provider of premium industry rental tools. Parker Drilling has 74 marketed rigs and employs 2,900 people worldwide.
SOURCE Parker Drilling Company
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