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Parker Drilling Announces New Design Contract for Arkutun-Dagi Phase of Sakhalin-1 Project

August 5, 2008

HOUSTON, Aug. 5 /PRNewswire-FirstCall/ — Parker Drilling Company announced today a new contract to design the drilling package for the Sakhalin-1 Arkutun-Dagi offshore platform.

The Arkutun-Dagi Field, offshore Sakhalin Island, Russia, is one of the three offshore fields to be developed by the Sakhalin-1 project, which when combined with the Chayvo and Odoptu fields has recoverable reserves of 2.3 billion barrels of oil and 17.1 trillion cubic feet of gas. All three fields are being developed by the Sakhalin-1 Consortium and operated by Exxon Neftegas Limited. Arkutun-Dagi is located approximately 15.5 miles east of the Chayvo Field offshore Sakhalin Island.

Parker will design a complete drilling package, including the derrick, pipe barn, substructure, well control system and mud system. Parker engineers will also ensure seamless integration of the drilling systems with the main topsides design, provided by Sakneftegaz Engineering LLC.

David C. Mannon, Parker Drilling president and chief operating officer, said: “The Arkutun-Dagi project is the newest chapter in our 40-year history of arctic drilling projects, which includes the FEED (Front-End Engineering and Design), EPCI (Engineering, Procurement, Construction and Installation), and Operations and Management projects for the Yastreb extended-reach drilling rig in the Chayvo field, also for the Sakhalin-1 Consortium.

“The Arkutun-Dagi project is also the newest addition to our growing Project Management business, which includes the FEED and recently announced EPCI contract for the Liberty ultra extended-reach drilling rig in the Alaskan Beaufort Sea.

“These new contracts are attributable to our proven arctic drilling solutions and the Yastreb’s record-breaking performances in extended-reach drilling. Our competitive advantage is built on our successful track record in these types of projects. As the search for oil and gas continues to lead into remote and environmentally extreme locations, major and national oil companies increasingly rely on Parker for innovative design and development technology,” Mannon concluded.

Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the worldwide energy industry. Parker operates 28 land rigs in strategic international markets and 17 offshore barge rigs, primarily in the U.S. Gulf of Mexico transition zone. The Company’s Quail Tools division rents premium equipment to operators in active land and offshore markets in North America. Founded in 1934, Parker has set numerous world records for deep and extended-reach drilling and is an industry leader in safety performance. More information about Parker Drilling can be found at http://www.parkerdrilling.com/.

This release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Acts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, integration of drilling systems, competitive advantages including cost effective integrated solutions and technological innovation, and future technological innovation and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this release are based on reasonable assumptions, actual results may differ materially from those expressed or implied in the forward-looking statements. For a detailed discussion of risk factors that could cause actual results to differ materially from the Company’s expectations, please refer to the Company’s reports filed with the SEC, and in particular, the report on Form 10-K for the year ended December 31, 2007, as supplemented on Form 10-Q for the quarter ended March 31, 2008. Each forward-looking statement speaks only as of the date of this release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.

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Parker Drilling Company

CONTACT: David Tucker, +1-281-406-2370, or Rose [Bratton] Maltby,+1-281-406-2212, both of Parker Drilling Company

Web site: http://www.parkerdrilling.com/




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