HRI Oilfield to Market and Manufacture the Intellectual Property of Parker Drilling Company's Partech

Apr 04, 2001, 01:00 ET from HRI Oilfield, L.P.

    DALLAS, April 4 /PRNewswire/ -- Dallas, Texas-based HRI Oilfield,
 L.P.(HRI) announced today they have entered into an alliance agreement with
 Parker Drilling Company (NYSE:   PKD) that grants HRI an exclusive license to
 market and manufacture the intellectual property of Parker Drilling's research
 and development and fabrication subsidiary, Parker Technology, L.L.C.
 ("Partech").  The intellectual property includes the Partech, OIME and PARCO
 Mast and Substructures, Inc. product lines.  In addition, HRI will assume
 operation of the Partech fabrication facility in New Iberia, Louisiana,
 utilizing existing Partech employees.  The facility will continue to provide
 ongoing components and rig servicing to Parker Drilling's growing
 international fleet.
     Through its Partech subsidiary, Parker has manufactured more than
 273 onshore and offshore rigs utilizing OIME drawworks, lightweight triplex
 mud pumps, rotary tables, swivels, blocks, transmissions, compounds and PARCO
 masts and substructures.  Parker Drilling is a global service company that
 provides innovative drilling and rental tool services to the energy industry.
     Sioux Sinnott, president of HRI, said, "We are extremely excited about
 this agreement with such a diverse and internationally-known company as Parker
 Drilling.  The Partech alliance agreement provides HRI a product line that
 will offer the oil and gas industry a competitive alternative for quality rigs
 and equipment.  It is a win-win situation for the oil and gas industry."
     "For more than 20 years, Partech employees have consistently met the rig
 manufacturing and servicing needs of Parker Drilling and other service
 companies.  With the HRI alliance, Partech manufacturing and marketing
 capabilities will be significantly increased, while continuing to further
 develop the innovative technology which Partech has provided to the global
 drilling market," says Robert Parker, Jr., president and chief executive
 officer of Parker Drilling.
 
     About HRI
     HRI operates a 20-acre manufacturing facility in Brady, Texas.  HRI was
 formed in 1997 when the world-renowned, Brady, Texas-based Loadcraft mobile
 drilling rig manufacturer was purchased.  This manufacturing facility has
 manufactured over 380 workover and drilling rigs.  HRI's existing product line
 includes mobile carrier/trailer rigs, coiled tubing units, mud systems,
 trailers, substructures, masts and rig moving systems.  HRI currently
 manufactures the LADS (Light Automated Drilling Systems) Rig for Phoenix,
 Alaska.  For additional information on HRI, visit www.hri-rig.com.
 
     About Parker Drilling
     Parker Drilling Company is a global energy company specializing in
 offshore drilling and workover services in the Gulf of Mexico and
 international land and offshore drilling markets.  Parker also operates Quail
 Tools, a provider of premium tools for oil and gas drilling.  Parker Drilling
 Company has 79 marketed rigs and employs more than 3,500 people worldwide.
 For more information, visit the company Web site at www.parkerdrilling.com.
 
 

SOURCE HRI Oilfield, L.P.
    DALLAS, April 4 /PRNewswire/ -- Dallas, Texas-based HRI Oilfield,
 L.P.(HRI) announced today they have entered into an alliance agreement with
 Parker Drilling Company (NYSE:   PKD) that grants HRI an exclusive license to
 market and manufacture the intellectual property of Parker Drilling's research
 and development and fabrication subsidiary, Parker Technology, L.L.C.
 ("Partech").  The intellectual property includes the Partech, OIME and PARCO
 Mast and Substructures, Inc. product lines.  In addition, HRI will assume
 operation of the Partech fabrication facility in New Iberia, Louisiana,
 utilizing existing Partech employees.  The facility will continue to provide
 ongoing components and rig servicing to Parker Drilling's growing
 international fleet.
     Through its Partech subsidiary, Parker has manufactured more than
 273 onshore and offshore rigs utilizing OIME drawworks, lightweight triplex
 mud pumps, rotary tables, swivels, blocks, transmissions, compounds and PARCO
 masts and substructures.  Parker Drilling is a global service company that
 provides innovative drilling and rental tool services to the energy industry.
     Sioux Sinnott, president of HRI, said, "We are extremely excited about
 this agreement with such a diverse and internationally-known company as Parker
 Drilling.  The Partech alliance agreement provides HRI a product line that
 will offer the oil and gas industry a competitive alternative for quality rigs
 and equipment.  It is a win-win situation for the oil and gas industry."
     "For more than 20 years, Partech employees have consistently met the rig
 manufacturing and servicing needs of Parker Drilling and other service
 companies.  With the HRI alliance, Partech manufacturing and marketing
 capabilities will be significantly increased, while continuing to further
 develop the innovative technology which Partech has provided to the global
 drilling market," says Robert Parker, Jr., president and chief executive
 officer of Parker Drilling.
 
     About HRI
     HRI operates a 20-acre manufacturing facility in Brady, Texas.  HRI was
 formed in 1997 when the world-renowned, Brady, Texas-based Loadcraft mobile
 drilling rig manufacturer was purchased.  This manufacturing facility has
 manufactured over 380 workover and drilling rigs.  HRI's existing product line
 includes mobile carrier/trailer rigs, coiled tubing units, mud systems,
 trailers, substructures, masts and rig moving systems.  HRI currently
 manufactures the LADS (Light Automated Drilling Systems) Rig for Phoenix,
 Alaska.  For additional information on HRI, visit www.hri-rig.com.
 
     About Parker Drilling
     Parker Drilling Company is a global energy company specializing in
 offshore drilling and workover services in the Gulf of Mexico and
 international land and offshore drilling markets.  Parker also operates Quail
 Tools, a provider of premium tools for oil and gas drilling.  Parker Drilling
 Company has 79 marketed rigs and employs more than 3,500 people worldwide.
 For more information, visit the company Web site at www.parkerdrilling.com.
 
 SOURCE  HRI Oilfield, L.P.