Parker Drilling Reports NZ Rigs in Use 100% of Time in 2005

In its 2005 annual report, US based Parker Drilling, stated its three New Zealand based land rigs had 100% utlilisation during 2005.

This compared with 78% use of the rigs in New Zealand in 2004.

Parker operates rigs in 15 countries on nearly every continent, but New Zealand and Mexico are the only two countries mentioned in the report where all of the company's land rigs operated substantially during 2005.

Total petroleum wells drilled in New Zealand in 2005 was a record 34; all drilled by onshore rigs in the Taranaki Basin.

Parker says that higher day rates in the past year and the full use of its rigs in New Zealand had contributed to the US $16.2 million higher revenue recorded by Parker's Asia Pacific region.

Increased drilling activity and higher margins by Parker around the world led it to record net profit of US $98.9 million for the 2005 year compared to a net loss of US $47.1 million in 2004.

Parker Drilling says it expects continued strong results in 2006 and plans to grow the business with construction of four land drilling rigs for use in international markets.