Not Found
-
tde powerline, provided by the TDE/Parker partnership, will contribute to a greener, more efficient drilling process, emphasizing resource efficiency, emissions reduction, and improved overall drilling safety. The ability to reduce NPT and improve safety by eliminating pulsers, turbines, batteries and enabling a continuous view of conditions at-bit and along-string measurements will drive immediate, informed, and actionable decision-making to deliver safe, efficient wells digitally and consistently, accurately and on schedule.
-
tde powerline is the industry’s first downhole high power, high bandwidth data highway enabling intelligent digital drilling systems - a key enabler for AI driven solutions and drilling automation. tde powerline wired drill pipe technology provides electric power from the surface via the drill string to the BHA and greatly increases downhole data streaming while drilling to levels not seen today. The tde powerline technology delivers 300 watts of power and supports bidirectional communication at 200,000 bit/sec – a near-fourfold increase from current wired drill pipe data rates or 10,000 times mud pulse data rates.
- tde powerline can uniquely be retrofitted to existing drill pipe with premium connections at the nearest Parker Wellbore facility or supplied as a pre-configured tde powerline drill string managed by the tde/Parker partnership. tde powerline requires no rig modification, no repeaters, and no added operational run time delivering a fully vendor-neutral, open-architecture platform for third-party BHA components. We are inviting downhole tool providers to collaborate to enable their tools to utilize the tde powerline power and data highway.
Sandy Esslemont, President and CEO of Parker Wellbore, commented:
“Partnering with TDE to bring tde powerline to our customers advances Parker Wellbore’s technology strategy of reducing risk and optimizing performance in the drilling process. Our global network of API Q1/ISO compliant machining facilities, yard space, and our pre-eminent position in providing and servicing the industry’s premium drill pipe make us the ideal one-stop global partner to support our customers.”
Gerhard Thonhauser, Chairman of TDE, expressing excitement about the collaboration, added:
"With Parker Wellbore’s global network and TDE’s digital technology expertise, we have forged a unique partnership to deliver tde powerline on a global scale. With Parker Wellbore’s leading position in high quality management of drill pipes and our extensive expertise in digital technologies, this partnership places us as the premier business partner to elevate drilling efficiency and sustainability to the next level."
Parker Wellbore has over 90 years in the global energy industry providing drilling rigs and well construction, well intervention and premium tubular and pressure control rental services. Parker Wellbore is one of the leading global providers of premium drillpipe managed service solutions backed by an extensive network of API/ISO compliant machining facilities in key operating basins around the world.
TDE is a pioneer in innovative data driven technology solutions with more than 23 years of experience in the energy industry. TDE is dedicated to enabling companies reach new levels of operational excellence in terms of safety, speed, consistency, cost reduction and positive impact on reducing CO2 emissions. With over 150 companies trusting TDE’s products and services worldwide, the company stands at the forefront of the digital transformation with unprecedented oil and gas expertise and digital domain know-how.
Media contacts:
Susan Johnson, Parker Wellbore
Director of Marketing & Communications
+1-832-206-4835
susan.johnson@parkerwellbore.com
Andy Groundwater, Fifth Ring
Head of Media Relations
+441224 628 088
andy.groundwater@fifthring.com
Sharen Leon, TDE
Business Development & Marketing Manager
+43 676852474619
Sharen.leon@tde-group.com
HOUSTON, Jan. 12, 2022 /PRNewswire/ -- Leading international oilfield services company Parker Wellbore today launched its six-point plan to ensure the organization plays a leading role in tackling climate change challenges for its customers.
The program for success is outlined in the company's inaugural Environmental Social Governance (ESG) report, which addresses the organization's commitment to key environmental, social, and governance themes.
"This report represents a new forum for sharing our ESG trajectory, including environmental stewardship, social awareness, and strong corporate governance, which are engrained in our mission, vision, values, and company strategy," said Sandy Esslemont, Parker Wellbore President and Chief Executive Officer.
"Our leadership team and stakeholders – including customers, investors, employees, and the communities where we work – appreciate that companies which excel in ESG performance also achieve safe, responsible, and profitable operations.
"We all have a duty to safeguard the future for the generations to come, and it is widely acknowledged that time is running out to do that. I believe that the six-point plan released in today's ESG report will ensure Parker Wellbore contributes to a lower-emissions future, while also improving the quality of life for our teams and the communities they live in, regardless of where they are in the world."
The report highlights numerous innovative technology solutions coming to market that provide a path to a lower-carbon emitting future, something Esslemont believes the company is in a prime position to influence.
"We have a responsibility to help tackle the climate crisis. Parker has a rich history of tackling seemingly unsolvable problems; we are here to support our customers in their ambitious goals to address climate change," he said.
As outlined in the report, the company has conducted a greenhouse gas (GHG) emissions study to establish a baseline to help understand the historical and future GHG emissions trends. This baseline has provided a foundation for the company to set emissions goals in the future.
"We have set out new actions to deliver energy transition technology to the market," said Esslemont. "Our technology will help fight climate change through optimizing processes, enhancing operational performance, and improving efficiency. Not only are we focused on using less energy to achieve the same ends, but we are also committed to lowering carbon emissions arising from the use of diesel fuel in operations at the wellsite."
In line with its existing 40-year foundation of geothermal activity in Indonesia, the ESG report reveals Parker Wellbore Rig 253 drills for renewable geothermal energy daily. In addition, the rig successfully avoided 162 tonnes of CO2 by implementing its fast-growing technology solution.
The company's numerous social and governance initiatives and achievements include employee human capital development and training, strengthening the communities where Parker Wellbore operates by hiring locally, partnering with strategic charitable organizations, and emphasizing the value of all individuals through diversity and inclusion. Parker Wellbore's governance practices emphasize the importance of ethics, risk management, and internal accounting controls oversight.
For a copy of the Parker Wellbore ESG Report,
visit https://parkerwellbore.com/sustainability/principals/
Notes to editor
Parker Wellbore's Future ESG Goals
- Improve methods to track diesel consumption arising out of rig engine activity at the wellsite that are Parker Wellbore-owned assets.
- Determine how to establish a generally accepted approach for setting specific milestones for increasing gender diversity in U.S. operations based on the percentage of employees.
- Advance human rights through increasing the number of supplier contracts that include supply chain management human right commitments for newly onboarded suppliers.
- Increase local hiring and GeoMarket community-based activities that help build up communities where we work.
- Embark on a feasibility study to evaluate our capability to map data to measure the percentage of Parker Wellbore's spending on local suppliers in every GeoMarket around the world.
- Identify enabling sustainable technology solutions with capacity to lower carbon emissions and increase efficiency in our operations, including real time data measurement technology and digital architecture for fuel usage at the wellsite that supports automation and is capable of integrating with data systems.
Media Contact:
Susan Johnson, Senior Manager Marketing & Communications, Parker Wellbore
Office: +1 (832) 206-4835
Susan.Johnson@parkerwellbore.com
About Parker Wellbore:
Parker Wellbore offers wellbore construction services and has been the partner of choice for drilling operations for the energy industry for 87 years. Our long history of delivering products and services to the highest standards in harsh environments coupled with our IADC Accredited Competency Assurance program ensures that our customers know that with Parker, risk is minimized and performance is optimized every time.
From drilling rig solutions, casing and tubular services and rental support to data management, our globally integrated team is ready to support our customers through the energy transition by delivering energy well engineered.
For more information visit (website) www.parkerwellbore.com
View original content:https://www.prnewswire.com/news-releases/parker-wellbore-sets-six-point-plan-to-achieve-new-environmental-social-and-governance-goals-301459893.html
SOURCE Parker Wellbore
HOUSTON, Nov. 16, 2021 /PRNewswire/ -- Parker Wellbore and Helmerich & Payne have entered into a Strategic Partnership agreement. This partnership aligns with both companies' strategic plans in the U.S. land tubular and casing running services (TRS) market. The agreement with H&P, the largest U.S. drilling solution provider, accelerates Parker Wellbore's TRS growth strategy in the U.S.
This new alignment is a collaborative agreement between two storied companies, both with roots in Oklahoma and started as family run businesses. Cultural alignment, along with a strong commitment to safety, their customers, the industry and ESG, make this an excellent fit.
With the purchase of all of H&P's TRS assets, this agreement allows Parker Wellbore to be the sole preferred provider of tubular running services on H&P U.S. land-based rigs. Both companies have a commitment to work collaboratively to ensure business continuity for H&P's existing TRS customers. This provides the foundation for Parker Wellbore to be an onshore market leader in tubular running services in the U.S.
Additionally, this partnership provides instant scale for the growth of Parker Wellbore's TRS business. Parker Wellbore will now be able to conduct tubular and casing running operations in most of the key U.S. land basins across the country.
President and CEO of Parker Wellbore, Sandy Esslemont commented, "We believe Parker Wellbore is uniquely suited to realize the best value from the acquisition of these assets. Aggregating the assets with Parker's growing U.S. tubular and casing running operations will position Parker Wellbore as a strong competitor in the U.S. land market and one that is uniquely positioned to provide integrated TRS to H&P and its customers."
Parker Wellbore, with its unrelenting attention to service quality, competency and customer satisfaction has already committed to developing differentiating technology in this segment with the introduction of the Top-Tek Super Compact Casing Running Tool (CRT) technology to help reduce risk and optimize performance in the casing running process.
This Strategic Partnership includes the onboarding of H&P's key TRS personnel to Parker Wellbore. This opportunity provides these employees, with specific expertise in TRS, the potential for accelerated career progression and development as the business grows in the coming years.
Helmerich & Payne's Senior Vice President - U.S. Land Operations, Mike Lennox said, "We are pleased to work with Parker Wellbore on this transaction which will allow us to focus our continuous improvement efforts on our core drilling and technology businesses. Parker Wellbore's commitment to safety and plans to invest in proprietary technology in this space made them the ideal partner. Our previous TRS employees have joined Parker Wellbore and will continue to provide outstanding services to our customers."
Both companies' focus and priority for current H&P TRS clients and employees is a seamless transition, along with high levels of service delivery quality and obsessive customer focus.
About Parker Wellbore
Parker Drilling ("Parker Wellbore") provides complete wellbore services from drilling, to rental tools to well construction services. Our drilling services business serves operators with both Company-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. Our rental tools services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. We also provide well construction services, which includes tubular running services and downhole tool rentals, well intervention services, which includes whipstocks, fishing, and related services, as well as inspection and machine shop support. More information can be found on our website at www.parkerwellbore.com.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
Susan Johnson
Senior Manager Marketing & Communications
Susan.Johnson@parkerwellbore.com
Office: +1 (281) 406-2430
SOURCE Parker Wellbore
HOUSTON, July 2, 2020 /PRNewswire/ -- As previously announced, on March 19, 2020, Parker Drilling Company (the "Company") filed with the State of Delaware amendments (the "Charter Amendments") to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effectuate a 1-for-50 reverse stock split (the "Reverse Stock Split") and, immediately thereafter, effectuate a 50-for-1 forward stock split. In accordance with Delaware law, each of the Charter Amendments became effective immediately upon filing. As a result of the Charter Amendments and as a matter of law, a stockholder owning fewer than 50 shares of common stock immediately prior to the effective time of the Reverse Stock Split (the "Reverse Stock Split Effective Time"), which occurred on March 19, 2020 at 6:51 P.M. EDT, became entitled to a fraction of a share of common stock upon the Reverse Stock Split and is entitled to be paid cash in lieu of such fraction of a share of common stock, on the basis of $30.00, without interest (the "Cash Payment"), for each share of common stock held by such holder (the "Cashed Out Stockholders") immediately prior to the Reverse Stock Split Effective Time.
Original Process
In consultation with DTC and Equiniti Trust Company, the Company's transfer agent, the Company established a process whereby Cashed Out Stockholders holding shares in "street name" through a bank, broker or other nominee (each, a "Nominee") must complete and send a form (the "Original Form") to Equiniti in order to establish that such Cashed Out Stockholder held fewer than 50 shares immediately prior to the Reverse Stock Split Effective Time. The Original Form was made available to Nominees through DTC on June 22, 2020.
Alternative Process in Light of COVID-19
Based upon feedback, the Company is now providing an alternative process to accommodate Cashed Out Stockholders holding shares in "street name" who are experiencing challenges in completing the Original Form in light of COVID-19.
Among other changes to accommodate such stockholders, the process has been revised so that stockholders holding shares in "street name" are not required to submit the Original Form or any other paperwork if their Nominee is taking advantage of the new process and completes a new form (the "New Form") which is available to Nominees through DTC's LENS System.
Additionally, the deadline for Nominees to submit this New Form has been extended from July 20, 2020 to no later than 5:00 P.M., prevailing New York City time on July 31, 2020 (note however that there is no change to the DTC instruction deadline of July 20, 2020 for Nominees to deliver shares).
Next Steps for Cashed Out Stockholders
As noted above, the Company has designed this alternative process in light of the challenges presented by COVID-19 so that Nominees taking advantage of this alternative process can fill out the New Form on behalf of its clients. As a result, the Company will not require that Cashed Out Stockholders holding shares in "street name" submit the Old Form or any other paperwork.
- If a Cashed Out Stockholder or its Nominee has already submitted the Original Form, no further action is necessary unless otherwise required by the Nominee.
- Any Cashed Out Stockholder who has received the Original Form from its Nominee but not yet filled out the Original Form should contact such Nominee to determine whether the Nominee intends to take advantage of the alternative process and submit the New Form on behalf of such Cashed Out Stockholder in lieu of the Original Form.
- If you hold your shares in "street name" and believe you are entitled to a Cash Payment, your Nominee has received information from DTC regarding the process for the Cash Payment and has or will be receiving information regarding the New Form and the alternative process.
- Any questions relating to the foregoing that a Cashed Out Stockholder may have regarding the foregoing should be addressed to such Cashed Out Stockholder's Nominee.
Cashed Out Stockholders who own shares directly as a "holder of record" will receive the Cash Payment as soon as reasonably practicable following the Expiration Time.
The Company will not be making additional statements on this topic unless circumstances warrant.
Cautionary Statement
This press release contains statements that are "forward-looking statements". Forward-looking statements are based on certain assumptions and analyses we make in light of our experience and perception of historical trends, current conditions, expected future developments, and other factors we believe are relevant. Although we believe our assumptions are reasonable based on information currently available, those assumptions are subject to significant risks and uncertainties, many of which are outside our control. Each forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's drilling services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's rental tools services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact: Investor Relations, (+1) (281) 406-2000, IR@parkerdrilling.com.
View original content:http://www.prnewswire.com/news-releases/parker-drilling-makes-announcement-regarding-cash-payment-process-for-reverse-stock-split-in-light-of-covid-19-301087757.html
SOURCE Parker Drilling Company
HOUSTON, April 14, 2020 /PRNewswire/ -- As previously announced, on March 19, 2020, Parker Drilling Company (the "Company") filed with the State of Delaware certificates of amendment to the Company's certificate of incorporation, which became effective upon filing, to effectuate a 1-for-50 reverse stock split, which was followed immediately by a 50-for-1 forward stock split. As disclosed in public filings with the Securities and Exchange Commission (the "SEC"), only stockholders of record owning fewer than 50 shares immediately prior to the effective time of the reverse stock split (i.e. as of 6:51 p.m. ET on March 19, 2020) are entitled to a fraction of a share of common stock as a result of the reverse stock split under Delaware law and, accordingly, only such stockholders of record are entitled to be paid cash in lieu of such fraction of a share of common stock on the basis of $30.00, without interest, for each share of common stock held by such holders immediately prior to the effective time. Stockholders should not rely upon any communications referring to a different effective date other than as of 6:51 p.m. ET (in the case of the reverse stock split) and 6:52 p.m. ET (in the case of the forward stock split) on March 19, 2020, and instead should refer to the Company's prior communications, including the Company's public filings for purposes of determining the extent which they could be entitled to a cash payout in connection with the stock splits.
The Company plans to make additional public disclosure regarding timing of its payment of such cash in lieu of fractional shares after such timing has been determined, and until such timing is disclosed, the Company will not be making additional statements on the topic.
For more information regarding the effective time of the stock splits, please refer to the Company's SEC filings, including the definitive proxy statement on Schedule 14A filed with the SEC on November 25, 2019 in connection with the special meeting of stockholders on January 9, 2020 to approve the stock splits and other information regarding the stock splits filed with the SEC.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's drilling services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's rental tools services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact: Investor Relations, (+1) (281) 406-2000, IR@parkerdrilling.com.
View original content:http://www.prnewswire.com/news-releases/parker-drilling-makes-statement-regarding-recent-stock-splits-301040553.html
SOURCE Parker Drilling Company
HOUSTON, March 23, 2020 /PRNewswire/ -- Parker Drilling Company ("Parker" or the "Company") today announced that its Board of Directors, following a global search led by Heidrick & Struggles, has appointed Sandy Esslemont, a veteran of the oil & gas industry, to serve as President and Chief Executive Officer. Mr. Esslemont will also join the Company's Board of Directors. He succeeds Gary Rich, who retired from the Company at the end of 2019.
Gene Davis, Chairman of the Parker Board, said, "We are very pleased to welcome Sandy as Parker's new chief executive. The Board conducted an extensive, global search for the best executive positioned to drive Parker's growth and profitability. With a track record of creating value for multiple companies and across industry cycles, we are confident that Sandy has the vision, experience, deep knowledge of our business, and leadership qualities to propel the Company forward, and we look forward to working with him."
Mr. Esslemont commented, "I have admired Parker for its reputation for service and reliability, which has been earned over many years through strong customer relationships and a value-added offering. It is an honor to join Parker, and I look forward to working with the Board and the talented Parker team to create value for the Company and for our stakeholders."
Mr. Esslemont has more than 37 years of international oil & gas industry experience in drilling operations, petroleum technology, and executive management. He has held leadership roles at privately held, publicly-traded, and venture-backed companies in roles based in the U.S., Africa, Asia, Europe, Australasia, and the Middle East, the majority of which are in the oilfield services and related industries. Prior to joining Parker, he served as CEO for Abrado, a Houston-based company he helped found, and before that was CEO and Chairman of SensorTran Inc., which was sold to Halliburton under his leadership.
Mr. Esslemont holds a BSc in Mechanical Engineering from Heriot Watt University, Edinburgh, and is an active member of Society of Petroleum Engineers.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's drilling services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's rental tools services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact: Investor Relations, (+1) (281) 406-2000, IR@parkerdrilling.com.
View original content:http://www.prnewswire.com/news-releases/parker-drilling-company-appoints-sandy-esslemont-president-chief-executive-officer-and-member-of-the-board-of-directors-301028238.html
SOURCE Parker Drilling Company
HOUSTON, March 19, 2020 /PRNewswire/ -- Parker Drilling Company (the "Company") today announced that in connection with its previously announced plan to deregister its common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company's Board of Directors (the "Board") determined the reverse stock split ratio to be 1-for-50 and the forward stock split ratio to be 50-for-1. These stock split ratios are within the ranges approved by the Company's stockholders at the special meeting held on January 9, 2020. The Board also determined to abandon all other stock split ratios within the ranges approved by the stockholders at the special meeting. As authorized by the Board, the Company will file with the State of Delaware certificates of amendment to the Company's certificate of incorporation to effectuate the stock splits, which will become effective as of today. Following the effectiveness of the stock splits, the Company will file a Form 15 with the SEC certifying that it has less than 300 stockholders, which will terminate the registration of the Company's common stock under Section 12(g) of the Exchange Act. The Company previously filed a Form 25 in connection with the delisting of its shares from trading on the New York Stock Exchange.
For more information regarding the Company's deregistration and delisting transaction, please refer to the definitive proxy statement on Schedule 14A filed with the SEC on November 25, 2019.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Forward-Looking Statements
This press release may contain forward-looking statements that are being made pursuant to the Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information so long as those statements are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statement. Such forward-looking statements include statements about the perceived benefits and costs of the proposed transaction, the number of shares of the Company's common stock that are expected to be cashed out in the proposed transaction and the timing and stockholder approval of the proposed transaction. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in such forward-looking statements. Accordingly, actual results may differ materially from such forward-looking statements. The forward-looking statements relating to the transaction discussed above are based on the Company's current expectations, assumptions, estimates and projections about the Company and involve significant risks and uncertainties, including the many variables that may impact the Company's projected cost savings, variables and risks related to consummation of the proposed transaction, SEC regulatory review of the Company's filings related to the proposed transaction, and the continuing determination of the Board of Directors and the Finance and Strategic Planning Committee that the proposed transaction is in the best interests of all stockholders. The Company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.
Contact:
Investor Relations
(+1) (281) 406-2000
IR@parkerdrilling.com
View original content:http://www.prnewswire.com/news-releases/parker-drilling-company-announces-stock-split-ratios-to-effectuate-the-going-dark-transaction-301027236.html
SOURCE Parker Drilling Company
HOUSTON, March 3, 2020 /PRNewswire/ -- Parker Drilling Company today announced results for the fourth quarter ended December 31, 2019, which included a net loss of $2.1 million, or a $0.14 loss per share on revenues of $156.3 million. Fourth quarter Adjusted EBITDA was $25.9 million (1).
Michael W. Sumruld, the Company's Senior Vice President and CFO, said, "We are very pleased with our results in 2019 despite the ongoing challenges in the U.S. markets. Our substantial improvement across all business segments was due to the intense focus our employees have on providing innovative, reliable, and efficient solutions to our customers so they can minimize their operational risks and overall well costs. In particular, our O&M backlog grew over 250% to $627 million at the end of 2019 from $176 million at the end of 2018. We believe our focus on capital efficiency positions us to generate long-term positive cash flow going forward.
"Our fourth-quarter results were in-line with our expectations, reflecting weaker industry conditions in the U.S. and improving conditions in several of our key international markets. In the U.S., our rental tools results were generally in line with the decline in the U.S. rig count and our (lower 48) drilling results were impacted by seasonally lower utilization in the inland waterways of the Gulf of Mexico. In the International rental tools and International and Alaska drilling segments, we posted sequential revenue improvement in the fourth quarter as rental tools experienced higher utilization of our surface and tubulars product line in Guyana, the U.A.E., and India, while drilling benefited from the new Alaska O&M contract, higher utilization in Mexico, and our recently awarded barge rig contract in Kazakhstan," concluded Sumruld.
Fourth Quarter Review
Parker Drilling's revenues for the 2019 fourth quarter, compared with the 2019 third quarter, decreased 2.4 percent to $156.3 million from $160.1 million. Operating gross margin, excluding depreciation and amortization expense ("gross margin"), decreased 24.3 percent to $32.2 million from $42.6 million and gross margin as a percentage of revenues was 20.6 percent, compared with 26.6 percent for the 2019 third quarter.
Rental Tools Services
For the Company's rental tools services business, which is comprised of the U.S. rental tools and International rental tools segments, fourth quarter revenues decreased 7.8 percent to $67.6 million from $73.3 million for the third quarter. Gross margin decreased 22.3 percent to $21.4 million from $27.6 million, and gross margin as a percentage of revenues was 31.7 percent, as compared with 37.6 percent for the 2019 third quarter.
U.S. Rental Tools
U.S. rental tools segment revenues decreased 13.7 percent to $42.5 million in the 2019 fourth quarter from $49.3 million for the 2019 third quarter. Gross margin decreased 26.1 percent to $17.6 million in the 2019 fourth quarter, compared with gross margin of $23.7 million in the 2019 third quarter. The decrease in revenue and gross margin resulted primarily from reduced activity that mirrored the decline in U.S. land rig count and the completion of several deep-water projects midway through the fourth quarter, partially offset by higher revenue from operations in the Permian Basin and Eagle Ford Shale Play.
International Rental Tools
International rental tools segment revenues increased 4.2 percent to $25.1 million in the 2019 fourth quarter from $24.1 million for the 2019 third quarter. Gross margin of $3.9 million in the 2019 fourth quarter was flat with the 2019 third quarter. The increase in revenues was primarily the result of additional activity in certain of our international markets, including Guyana, UAE and India.
(1) |
Adjusted EBITDA is a non-GAAP financial measure. See the reconciliation and table of net income/(loss) to EBITDA and Adjusted EBITDA later in this release for more information on non-GAAP financial measures. |
Drilling Services
For the Company's drilling services business, which is comprised of the U.S. (lower 48) drilling and the International & Alaska drilling segments, fourth quarter revenues increased 2.2 percent to $88.7 million from $86.8 million for the third quarter. Gross margin decreased 28.1 percent to $10.8 million from $15.0 million, and gross margin as a percentage of revenues was 12.2 percent, compared with 17.3 percent for the 2019 third quarter.
U.S. (Lower 48) Drilling
U.S. (lower 48) drilling segment revenues decreased 32.7 percent to $9.7 million in the 2019 fourth quarter from $14.5 million for the 2019 third quarter. Gross margin was $0.1 million in the 2019 fourth quarter, compared with $3.9 million in the third quarter. Revenues and gross margin were lower as a result of seasonal declines in an already depressed inland waterway market, where the Company's barge utilization rates declined to 14% in the fourth quarter from 21% in the third quarter. Also, revenue from the O&M project in California was lower as the project transitioned from the re-activation phase to ongoing plug & abandonment operations.
International & Alaska Drilling
International & Alaska drilling segment revenues increased 9.3 percent to $79.0 million in the 2019 fourth quarter from $72.3 million for the 2019 third quarter. Gross margin decreased 3.6 percent to $10.7 million in the 2019 fourth quarter, compared with $11.1 million in the 2019 third quarter. The increase in revenue was primarily due to higher reimbursable revenues from our Sakhalin O&M work, a full quarter of work for the Alaska O&M contract, higher utilization in Mexico, and our barge rig in Kazakhstan returning to service on a standby rate. This was partially offset by our owned rig in Sakhalin going on a standby rate midway through the fourth quarter as well as lower activity in the Kurdistan region of Iraq after two rigs completed work at the end of July. For the fourth quarter, rig utilization was 50% compared to 45% in the third quarter. This mix of activity resulted in a slight gross margin contraction.
Consolidated
General and administrative expense was $6.4 million for the 2019 fourth quarter. Total liquidity at the end of the quarter was $135.9 million, consisting of $105.0 million in cash and cash equivalents and $30.9 million available under the Company's credit facility.
Capital expenditures in the fourth quarter were $24.4 million and totaled $80.3 million for the full year when combining activity in both predecessor and successor periods, with the majority of capital expenditures directed to the Company's rental tools services business.
Conference Call
Parker Drilling has scheduled a conference call for 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Wednesday, March 4, 2020, to review reported results. The call will be available by telephone by dialing (+1) (412) 902-0003 and asking for the Parker Drilling Fourth Quarter Conference Call. The call can also be accessed through the Investor Relations section of the Company's website. A replay of the call can be accessed on the Company's website for 12 months and will be available by telephone through March 11, 2020, at (+1) (201) 612-7415, conference ID 13699249#.
Cautionary Statement
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements contained in this news release, other than statements of historical facts, are forward-looking statements for purposes of these provisions. In some cases, you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "outlook," "may," "should," "plan," "seek," "forecast," "target," "will," and "would" or similar words. Forward-looking statements are based on certain assumptions and analyses we make in light of our experience and perception of historical trends, current conditions, expected future developments, and other factors we believe are relevant. Although we believe our assumptions are reasonable based on information currently available, those assumptions are subject to significant risks and uncertainties, many of which are outside our control. Each forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should be aware that certain events could have a material adverse effect on our business, results of operations, financial condition, and cash flows. For more information about such events, see "Risk Factors" described in Item 1A. of the Company's Annual Report filed on Form 10-K, along with additional risk factors described from time to time in our SEC filings.
This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.
Company Description
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's drilling services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's rental tools services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact: Investor Relations, (+1) (281) 406-2000, IR@parkerdrilling.com.
PARKER DRILLING COMPANY AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||
(Dollars in Thousands) | ||||||||
(Unaudited) | ||||||||
Successor |
Predecessor |
|||||||
December 31, 2019 |
December 31, 2018 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
104,951 |
$ |
48,602 |
||||
Restricted cash |
— |
10,389 |
||||||
Accounts receivable, net |
166,456 |
136,437 |
||||||
Rig materials and supplies |
23,267 |
36,245 |
||||||
Deferred costs |
5,223 |
4,353 |
||||||
Other tax assets |
2,949 |
2,949 |
||||||
Other current assets |
17,688 |
27,929 |
||||||
Total current assets |
320,534 |
266,904 |
||||||
Property, plant and equipment, net |
299,768 |
534,371 |
||||||
Intangible assets, net |
13,675 |
4,821 |
||||||
Rig materials and supplies |
4,766 |
12,971 |
||||||
Deferred income taxes |
4,416 |
2,143 |
||||||
Other non-current assets |
39,689 |
7,204 |
||||||
Total assets |
$ |
682,848 |
$ |
828,414 |
||||
LIABILITIES AND STOCKHOLDER'S EQUITY |
||||||||
Current Liabilities: |
||||||||
Debtor in possession financing |
$ |
— |
$ |
10,000 |
||||
Accounts payable |
55,104 |
39,678 |
||||||
Accrued liabilities |
57,954 |
35,385 |
||||||
Accrued income taxes |
5,058 |
3,385 |
||||||
Total current liabilities |
118,116 |
88,448 |
||||||
Long-term debt |
177,937 |
— |
||||||
Other long-term liabilities |
25,892 |
11,544 |
||||||
Long-term deferred tax liability |
7,002 |
510 |
||||||
Commitments and contingencies |
||||||||
Total liabilities not subject to compromise |
328,947 |
100,502 |
||||||
Liabilities subject to compromise |
— |
600,996 |
||||||
Total liabilities |
328,947 |
701,498 |
||||||
Stockholders' equity: |
||||||||
Predecessor preferred stock |
— |
500 |
||||||
Predecessor common stock |
— |
1,398 |
||||||
Predecessor capital in excess of par value |
— |
766,347 |
||||||
Predecessor accumulated other comprehensive income (loss) |
— |
(6,879) |
||||||
Successor common stock |
150 |
— |
||||||
Successor capital in excess of par value |
347,340 |
— |
||||||
Successor accumulated other comprehensive income (loss) |
(98) |
— |
||||||
Retained earnings (accumulated deficit) |
6,509 |
(634,450) |
||||||
Total stockholders' equity |
353,901 |
126,916 |
||||||
Total liabilities and stockholders' equity |
$ |
682,848 |
$ |
828,414 |
PARKER DRILLING COMPANY | ||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||
(Unaudited) | ||||||||||||
Successor |
Predecessor |
|||||||||||
Three Months Ended |
Three Months Ended |
Three Months Ended |
||||||||||
2019 |
2019 |
2018 |
||||||||||
Revenues |
156,281 |
160,083 |
129,148 |
|||||||||
Expenses: |
||||||||||||
Operating expenses |
124,040 |
117,486 |
100,993 |
|||||||||
Depreciation and amortization |
20,779 |
20,329 |
24,340 |
|||||||||
144,819 |
137,815 |
125,333 |
||||||||||
Total operating gross margin |
11,462 |
22,268 |
3,815 |
|||||||||
General and administrative expense |
(6,374) |
(5,983) |
4,439 |
|||||||||
Loss on impairment |
— |
— |
(6,708) |
|||||||||
Gain (loss) on disposition of assets, net |
371 |
(92) |
(1,598) |
|||||||||
Pre-petition restructuring charges |
— |
— |
(21,820) |
|||||||||
Reorganization items |
— |
(211) |
(9,789) |
|||||||||
Total operating income (loss) |
5,459 |
15,982 |
(31,661) |
|||||||||
Other income (expense): |
||||||||||||
Interest expense |
(6,121) |
(7,118) |
(8,778) |
|||||||||
Interest income |
151 |
362 |
15 |
|||||||||
Other |
714 |
(258) |
(414) |
|||||||||
Total other income (expense) |
(5,256) |
(7,014) |
(9,177) |
|||||||||
Income (loss) before income taxes |
203 |
8,968 |
(40,838) |
|||||||||
Income tax expense |
||||||||||||
Current tax expense |
1,621 |
3,031 |
2,118 |
|||||||||
Deferred tax expense (benefit) |
703 |
1,948 |
117 |
|||||||||
Total income tax expense |
2,324 |
4,979 |
2,235 |
|||||||||
Net income (loss) |
(2,121) |
3,989 |
(43,073) |
|||||||||
Less: Predecessor preferred stock dividend |
— |
— |
— |
|||||||||
Net income (loss) available to common stockholders |
$ |
(2,121) |
$ |
3,989 |
$ |
(43,073) |
||||||
Basic earnings (loss) per common share: |
$ |
(0.14) |
$ |
0.27 |
$ |
(4.60) |
||||||
Diluted earnings (loss) per common share: |
$ |
(0.14) |
$ |
0.27 |
$ |
(4.60) |
||||||
Number of common shares used in computing earnings per share: |
||||||||||||
Basic |
15,045,276 |
15,044,739 |
9,367,697 |
|||||||||
Diluted |
15,170,356 |
15,044,739 |
9,367,697 |
PARKER DRILLING COMPANY | ||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||
(Unaudited) | ||||||||||||
Successor |
Predecessor |
|||||||||||
Nine Months Ended |
Three Months Ended |
Year Ended |
||||||||||
2019 |
2019 |
2018 |
||||||||||
Revenues |
$ |
472,395 |
$ |
157,397 |
$ |
480,821 |
||||||
Expenses: |
||||||||||||
Operating expenses |
354,175 |
120,871 |
378,104 |
|||||||||
Depreciation and amortization |
61,499 |
25,102 |
107,545 |
|||||||||
415,674 |
145,973 |
485,649 |
||||||||||
Total operating gross margin |
56,721 |
11,424 |
(4,828) |
|||||||||
General and administrative expense |
(17,967) |
(8,147) |
(24,545) |
|||||||||
Loss on impairment |
— |
— |
(50,698) |
|||||||||
Gain (loss) on disposition of assets, net |
226 |
384 |
(1,724) |
|||||||||
Pre-petition restructuring charges |
— |
— |
(21,820) |
|||||||||
Reorganization items |
(1,173) |
(92,977) |
(9,789) |
|||||||||
Total operating income (loss) |
37,807 |
(89,316) |
(113,404) |
|||||||||
Other income (expense): |
||||||||||||
Interest expense |
(20,902) |
(274) |
(42,565) |
|||||||||
Interest income |
887 |
8 |
91 |
|||||||||
Other |
(188) |
(10) |
(2,023) |
|||||||||
Total other income (expense) |
(20,203) |
(276) |
(44,497) |
|||||||||
Income (loss) before income taxes |
17,604 |
(89,592) |
(157,901) |
|||||||||
Income tax expense |
||||||||||||
Current tax expense |
5,190 |
2,341 |
8,225 |
|||||||||
Deferred tax expense (benefit) |
5,905 |
(1,685) |
(429) |
|||||||||
Total income tax expense |
11,095 |
656 |
7,796 |
|||||||||
Net income (loss) |
6,509 |
(90,248) |
(165,697) |
|||||||||
Less: Predecessor preferred stock dividend |
— |
— |
2,719 |
|||||||||
Net income (loss) available to common stockholders |
$ |
6,509 |
$ |
(90,248) |
$ |
(168,416) |
||||||
Basic earnings (loss) per common share: |
$ |
0.43 |
$ |
(9.63) |
$ |
(18.09) |
||||||
Diluted earnings (loss) per common share: |
$ |
0.43 |
$ |
(9.63) |
$ |
(18.09) |
||||||
Number of common shares used in computing earnings per share: |
||||||||||||
Basic |
15,044,919 |
9,368,322 |
9,311,722 |
|||||||||
Diluted |
15,060,365 |
9,368,322 |
9,311,722 |
PARKER DRILLING COMPANY | |||||||||||||
SELECTED FINANCIAL DATA | |||||||||||||
(Dollars in Thousands) | |||||||||||||
(Unaudited) | |||||||||||||
Successor |
Predecessor |
||||||||||||
Three Months Ended |
Three Months Ended |
Three Months Ended |
|||||||||||
2019 |
2019 |
2018 |
|||||||||||
Revenues: |
|||||||||||||
U.S. rental tools |
$ |
42,506 |
$ |
49,256 |
$ |
48,756 |
|||||||
International rental tools |
25,070 |
24,067 |
21,587 |
||||||||||
Total rental tools services |
67,576 |
73,323 |
70,343 |
||||||||||
U.S. (lower 48) drilling |
9,744 |
14,487 |
2,562 |
||||||||||
International & Alaska drilling |
78,961 |
72,273 |
56,243 |
||||||||||
Total drilling services |
88,705 |
86,760 |
58,805 |
||||||||||
Total revenues |
156,281 |
160,083 |
129,148 |
||||||||||
Operating expenses: |
|||||||||||||
U.S. rental tools |
24,952 |
25,513 |
23,639 |
||||||||||
International rental tools |
21,193 |
20,243 |
20,052 |
||||||||||
Total rental tools services |
46,145 |
45,756 |
43,691 |
||||||||||
U.S. (lower 48) drilling |
9,625 |
10,549 |
5,250 |
||||||||||
International & Alaska drilling |
68,270 |
61,181 |
52,052 |
||||||||||
Total drilling services |
77,895 |
71,730 |
57,302 |
||||||||||
Total operating expenses |
124,040 |
117,486 |
100,993 |
||||||||||
Operating gross margin (loss): |
|||||||||||||
U.S. rental tools |
17,554 |
23,743 |
25,117 |
||||||||||
International rental tools |
3,877 |
3,824 |
1,535 |
||||||||||
Total rental tools services |
21,431 |
27,567 |
26,652 |
||||||||||
U.S. (lower 48) drilling |
119 |
3,938 |
(2,688) |
||||||||||
International & Alaska drilling |
10,691 |
11,092 |
4,191 |
||||||||||
Total drilling services |
10,810 |
15,030 |
1,503 |
||||||||||
Total operating gross margin excluding depreciation and amortization |
32,241 |
42,597 |
28,155 |
||||||||||
Depreciation and amortization |
(20,779) |
(20,329) |
(24,340) |
||||||||||
Total operating gross margin |
$ |
11,462 |
$ |
22,268 |
$ |
3,815 |
PARKER DRILLING COMPANY | |||||||||||||||||||||
ADJUSTED EBITDA | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Successor |
Predecessor |
||||||||||||||||||||
Three Months Ended |
Three Months Ended |
||||||||||||||||||||
December 31, |
September 30, |
June 30, 2019 |
March 31, |
December 31, |
|||||||||||||||||
Net income (loss) available to common stockholders |
$ |
(2,121) |
$ |
3,989 |
$ |
4,641 |
$ |
(90,248) |
$ |
(43,073) |
|||||||||||
Interest expense |
6,121 |
7,118 |
7,663 |
274 |
8,778 |
||||||||||||||||
Income tax expense |
2,324 |
4,979 |
3,792 |
656 |
2,235 |
||||||||||||||||
Depreciation and amortization |
20,779 |
20,329 |
20,391 |
25,102 |
24,340 |
||||||||||||||||
EBITDA |
27,103 |
36,415 |
36,487 |
(64,216) |
(7,720) |
||||||||||||||||
Adjustments: |
|||||||||||||||||||||
Loss on impairment |
— |
— |
— |
— |
6,708 |
||||||||||||||||
(Gain) loss on disposition of assets, net |
(371) |
92 |
53 |
(384) |
1,598 |
||||||||||||||||
Pre-petition restructuring charges (1) |
— |
— |
— |
— |
11,411 |
||||||||||||||||
Reorganization items |
— |
211 |
962 |
92,977 |
9,789 |
||||||||||||||||
Interest income |
(151) |
(362) |
(374) |
(8) |
(15) |
||||||||||||||||
Other |
(714) |
258 |
644 |
10 |
414 |
||||||||||||||||
Adjusted EBITDA (1) (2) |
$ |
25,867 |
$ |
36,614 |
$ |
37,772 |
$ |
28,379 |
$ |
22,185 |
(1) |
Pre-petition restructuring charges have been allocated to the respective period in which the expense was incurred. Accordingly adjusted EBITDA will differ from what was reported previously. |
(2) |
We believe Adjusted EBITDA is an important measure of operating performance because it allows management, investors, and others to evaluate and compare our core operating results from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), remeasurement of foreign currency transactions, tax consequences, impairment and other special items. Special items include items impacting operating expenses that management believes detract from an understanding of normal operating performance. Management uses Adjusted EBITDA as a supplemental measure to review current period operating performance and period to period comparisons. Our Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA in the same manner. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. Generally Accepted Accounting Principles (GAAP), and should not be considered in isolation or as an alternative to operating income or loss, net income or loss, cash flows provided by or used in operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. |
PARKER DRILLING COMPANY | |||||||||||||
RECONCILIATION OF ADJUSTED EARNINGS PER SHARE | |||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||
(Unaudited) | |||||||||||||
Successor |
Predecessor |
||||||||||||
Three Months Ended |
Three Months Ended |
Three Months Ended |
|||||||||||
2019 |
2019 |
2018 |
|||||||||||
Net income (loss) available to common stockholders |
$ |
(2,121) |
$ |
3,989 |
$ |
(43,073) |
|||||||
Diluted earnings (loss) per common share |
$ |
(0.14) |
$ |
0.27 |
$ |
(4.60) |
|||||||
Adjustments: |
|||||||||||||
Loss on impairment |
$ |
— |
$ |
— |
$ |
6,708 |
|||||||
Net adjustments |
— |
— |
6,708 |
||||||||||
Adjusted net income (loss) available to common stockholders (1) |
$ |
(2,121) |
$ |
3,989 |
$ |
(36,365) |
|||||||
Adjusted diluted earnings (loss) per common share (1) |
$ |
(0.14) |
$ |
0.27 |
$ |
(3.88) |
(1) |
We believe Adjusted net income (loss) available to common stockholders and Adjusted diluted earnings (loss) per common share are useful financial measures for investors to assess and understand operating performance for period to period comparisons. Management views the adjustments to Net income (loss) available to common stockholders and Diluted earnings (loss) per common share to be items outside of the Company's normal operating results. Adjusted net income (loss) available to common stockholders and Adjusted diluted earnings (loss) per common share are not measures of financial performance under GAAP, and should not be considered in isolation or as an alternative to Net income (loss) available to common stockholders or Diluted earnings (loss) per common share. |
View original content:http://www.prnewswire.com/news-releases/parker-drilling-reports-2019-fourth-quarter-results-301015831.html
SOURCE Parker Drilling Company
HOUSTON, Feb. 20, 2020 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) announced today it intends to report its fourth quarter 2019 results after the market closes on Tuesday, March 3, 2020. In conjunction with the release, the Company has scheduled a conference call on Wednesday, March 4, 2020 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Those interested in listening to the call may do so by telephone or by audio webcast.
By Webcast: |
Connect to the webcast via the Investor Relations section of the Parker Drilling website at http://www.parkerdrilling.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call and can be accessed on the Company's website for 12 months. |
By Phone: |
Dial (+1) (412) 902-0003 at least 10 minutes prior to the scheduled start time and ask for the Parker Drilling call. |
A recording of the call will be available through March 11, 2020 by dialing (+1) (201) 612-7415 and using the conference ID 13699249#. |
A copy of the earnings report and related information will be available on the Company's website.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.
Contact:
Investor Relations
(+1) (281) 406-2000
IR@parkerdrilling.com
View original content:http://www.prnewswire.com/news-releases/parker-drilling-announces-fourth-quarter-2019-earnings-release-and-conference-call-schedule-301008805.html
SOURCE Parker Drilling Company