Parker Drilling Reports Fourth Quarter 2011 Results

HOUSTON, Feb. 23, 2012 /PRNewswire/ -- Parker Drilling (NYSE: PKD), a drilling contractor and service provider, today reported results for the period ended December 31, 2011.  The Company's results for the 2011 fourth quarter include a net loss of $90.2 million or $0.77 per diluted share on revenues of $181.1 million, compared with a net loss of $13.4 million or $0.12 per diluted share on revenues of $173.3 million for the 2010 fourth quarter. (Net income or loss represents the amount attributable to Parker Drilling Company.)

Results for the 2011 fourth quarter include the impact of a previously disclosed non-cash asset impairment charge that decreased earnings by $109.1 million or $0.94 per fully diluted share.  Excluding the effects of the impairment charge and other non-routine items, the Company reported 2011 fourth quarter net income of $20.2 million or $0.17 per diluted share compared with similarly adjusted 2010 fourth quarter net income of $1.5 million or $0.01 per diluted share.  Adjusted EBITDA, excluding non-routine items, was $66.7 million, compared with $48.0 million for the prior year's fourth quarter.

"We produced solid growth in revenues and achieved a 37 percent increase in operating gross margin and a 39 percent increase in adjusted EBITDA this quarter," said Parker Drilling President and Chief Executive Officer, David Mannon.  "Our Rental Tools business continued to respond to the shifting focus of U.S. drilling activity while investing in inventory to meet the growing needs of land and offshore customers. The U.S. Barge Drilling business achieved a higher average dayrate despite a moderate reduction in rig fleet utilization, while our International Drilling operations benefited from a higher fleet average dayrate and the addition of an Operations & Maintenance contract."  Mannon continued, "Our efforts to introduce new drilling technology to the Alaskan North Slope have taken more time and a larger investment than we had anticipated. As reported earlier and reflected in both our fourth quarter and full year results, we recorded an impairment charge related to the two new-design rigs developed for this purpose."

Fourth Quarter Highlights

  • Parker's Rental Tools segment continued to grow revenues and segment gross margin, setting records for both measures, driven by increased demand for our rental equipment in oil and liquids-rich gas drilling markets. (Segment gross margin excludes depreciation and amortization expense.)
  • The Company's U.S. Barge Drilling segment achieved a significant increase in fleet average dayrate and maintained its position as the leading contractor in its market.
  • The Technical Services segment advanced its development work on the Exxon Neftegas Limited (ENL) Berkut platform project, transitioning from engineering and design activities to oversight of shipyard construction of the drilling package.

"Our business outlook remains driven by the growing needs for the services, operational efficiency and safety we deliver to our customers.  Though there are concerns about the impact of low domestic natural gas prices on U.S. drilling, the shift to oil and liquids-rich directed drilling continues to require a growing amount of drill pipe and related equipment. In addition, oil-directed drilling continues to sustain activity in the coastal waters of the Gulf of Mexico.  The industry's increased spending to develop oil and gas resources worldwide is expected to lead to more drilling activity and an expanded reach into challenging environments that require fit-for-purpose drilling solutions.  We believe these trends will benefit Parker's U.S. and international operations," commented Mannon.

Fourth Quarter Review  

Parker's revenues for the 2011 fourth quarter were $181.1 million compared with 2010 fourth quarter revenues of $173.3 million. The Company's 2011 fourth quarter gross margin, before depreciation and amortization expense, was $74.0 million compared with 2010 fourth quarter gross margin of $54.2 million, and gross margin as a percentage of revenues increased to 40.9 percent from 31.3 percent.  The 2011 fourth quarter results reflect the impact of a $170.0 million pretax ($109.1 million after tax) impairment charge for the Arctic Alaska Drilling Units (AADUs) and other non-routine expenses, which include those related to the ongoing U.S. regulatory investigations and Parker's internal review regarding possible violations of the Foreign Corrupt Practices Act and other laws.  These non-routine expenses reduced after-tax earnings by $110.4 million, or $0.95 per diluted share.  The results for the 2010 fourth quarter include non-routine, after-tax expenses of $14.9 million or $0.13 per diluted share.  Details of the non-routine items are provided in the attached financial tables.

At year end the Company updated the composition of its reported business segments. The updated segment structure aligns more closely with recent changes in the Company's organizational structure and management responsibilities.  Prior period amounts have been revised to reflect this change.  Following is a review of segment results for the 2011 fourth quarter with comparisons to results for the 2010 fourth quarter.

  • Rental Tools revenues increased 30 percent to $63.9 million from $49.3 million, segment gross margin rose to $43.9 million from $32.8 million, and segment gross margin as a percent of revenues rose to 68.8 percent from 66.4 percent.  Demand for drill pipe and related products for U.S. drilling applications continued to expand.  The impact of the growth in drilling for oil and liquids-rich natural gas more than offset the impact from slowing in dry gas focused activity.  Parker's Rental Tools operation continued to actively position products across its locations to efficiently serve customer needs and maintain effective asset utilization. In addition, the level of international and deepwater Gulf of Mexico placements continued to grow.
  • U.S. Barge Drilling segment revenues increased 19 percent to $22.9 million from $19.2 million, segment gross margin rose to $6.4 million from $5.7 million, and segment gross margin as a percent of revenues was 27.9 percent compared with 29.5 percent. The revenue increase was driven by a higher average dayrate for the barge rig fleet, as the average dayrate rose 32 percent to $27,700 for the 2011 fourth quarter from $21,000 for the 2010 fourth quarter.  Nevertheless, overall fleet utilization declined as the barge rigs with the deepest drilling capabilities were each idle for some time during the quarter as they awaited other deep drilling opportunities.  For the quarter, the business had an average of 8.6 barge rigs employed, compared with an average of 9.5 barge rigs employed in the 2010 fourth quarter.  
  • The U.S. Drilling segment includes two rigs located in Alaska that are expected to begin working in 2012 and one available land rig.  During 2011 and 2010, the Alaska rigs were undergoing construction and commissioning and the available land rig was idle.  As a result, this segment earned no revenues in 2011 and prior years.  The segment had operating costs in 2011 and 2010 that consisted of expenses incurred in preparation for future activities in Alaska, consisting primarily of costs for labor, training and facility leases.
  • The International Drilling segment includes the results from drilling activities performed utilizing Parker-owned rigs as well as customer-owned rigs on Operations & Maintenance (O&M) contracts.  Segment revenues increased 22 percent to $89.2 million from $73.1 million, segment gross margin rose to $23.6 million compared with $15.0 million, and segment gross margin as a percent of revenues improved to 26.4 percent from 20.6 percent.  Revenues rose as a result of a higher average dayrate for the Parker-owned rig fleet and an increase in project-related revenues from O&M contracts.  These were partially offset by the impact of a lower active rig count.
    • Average rig fleet utilization for the 2011 fourth quarter was 51 percent, compared with 48 percent for the prior year's fourth quarter.  Three rigs located in the Eastern Hemisphere region were removed from the active rig fleet at year-end 2010, reducing the region's fleet to 16 and Parker's overall international fleet to 26 rigs. Adjusted for this change, the prior year's rig fleet utilization was 54 percent.  For the 2011 fourth quarter, the ten-rig Latin America regional fleet operated at 80 percent average utilization and the sixteen-rig Eastern Hemisphere regional fleet operated at 33 percent average utilization.  (Additional rig fleet information is available on Parker's website).
    • The segment realized higher O&M contract revenues due to the 2011 addition of the Coral Sea project and higher reimbursables for the ENL-operated Sakhalin Island projects.
  • The Technical Services segment includes results from engineering related activities primarily focused on providing technological solutions to customers' drilling projects.  The segment's 2011 fourth quarter revenues decreased 45 percent to $5.1 million from $9.3 million for the prior year's fourth quarter.  Segment gross margin increased to $0.8 million from a $0.1 million loss. The revenue decrease was primarily due to the completion of the Liberty project in early 2011, partially offset by contributions from additional engineering projects.  The earnings improvement was primarily due to the additional engineering projects.
  • Construction Contract segment recorded no revenues or segment gross margin for the 2011 fourth quarter, compared with $22.4 million of revenues and $0.9 million of segment gross margin in the prior year's fourth quarter.  The construction contract for the Liberty rig ended in the 2011 first quarter and project-related work since then has been included in the Technical Services segment.  

2011 Year Summary  

The Company's results for the 2011 year included a net loss of $50.5 million or $0.43 per diluted share on revenues of $686.6 million, compared with a net loss of $14.5 million or $0.13 per diluted share on revenues of $659.5 million for 2010.  Results for the 2011 year include the impact of a previously disclosed impairment charge and other non-routine items.  Excluding these, the Company reported 2011 net income of $62.9 million or $0.54 per diluted share compared with similarly adjusted 2010 net income of $8.6 million or $0.08 per diluted share.  Adjusted EBITDA, excluding non-routine items, was $242.6 million, compared with $163.4 million for the prior year.

Cash Flow and Capitalization

Capital expenditures were $48.5 million for the 2011 fourth quarter and $190.4 million for the 2011 year.   Capital expenditures for the 2011 year include $77.9 million for the construction of the AADUs and $61.5 million for the purchase of tubular goods and other rental equipment.  

Conference Call

Parker Drilling has scheduled a conference call for 10:00 a.m. CST (11:00 a.m. EST) on Thursday, February 23, 2012, to discuss its reported results.  Those interested in listening to the call by telephone may do so by dialing (480) 629-9819.  The call can also be accessed through the Investor Relations section of the Company's website at http://www.parkerdrilling.com.  A replay of the call can be accessed on the Company's website for 12 months and will be available by telephone from Feb. 23 through Mar. 1 by dialing (303) 590-3030 and using the access code 4510634#.

Cautionary Statement

This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.  All statements in this press release 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 are forward-looking statements.  These statements include, but are not limited to, statements about anticipated future financial or operational results; the outlook for rig utilization and dayrates; general industry conditions such as the demand for drilling and the factors affecting demand; competitive advantages such as technological innovation; future operating results of the Company's rigs, rental tools operations and projects under management; capital expenditures; expansion and growth opportunities; acquisitions or joint ventures; asset sales; successful negotiation and execution of contracts; scheduled delivery of drilling rigs for operation; the strengthening of the Company's financial position; increases in market share; outcomes of legal proceedings and investigations; compliance with credit facility and indenture covenants; and similar matters.  These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate.  Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements.  These include risks relating to changes in worldwide economic and business conditions that could adversely affect market conditions, fluctuations in oil and natural gas prices that could reduce the demand for drilling services, changes in laws or government regulations that could adversely affect the cost of doing business, our ability to refinance our debt and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the Securities and Exchange Commission.  See "Risk Factors" in the Company's Annual Report filed on Form 10-K and other public filings and press releases. Each forward-looking statement speaks only as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Company Description

Parker Drilling (NYSE: PKD) provides high-performance contract drilling solutions, rental tools and project management services to the energy industry.  Parker's rig fleet includes 24 land rigs and two offshore barge rigs operating in international locations, 13 barge rigs operating in the U.S. Gulf of Mexico, one land rig located in the U.S., and two land rigs in Alaska undergoing commissioning.  The Company's rental tools business supplies premium equipment to operators on land and offshore in the U.S. and select international markets.  Parker also performs contract drilling for customer-owned rigs and provides technical services addressing drilling challenges for E&P customers worldwide.  More information about Parker Drilling can be found at http://www.parkerdrilling.com.  Included in the Investor Relations section of the Company's website are operating status reports for Parker Drilling's Rental Tools segment and its international and U.S. rig fleets, updated monthly.

PARKER DRILLING COMPANY

Consolidated Condensed Balance Sheets






December 31, 2011


December 31, 2010


(Unaudited)



ASSETS

(Dollars in Thousands)

CURRENT ASSETS




Cash and Cash Equivalents

$                   97,869


$                    51,431

Accounts and Notes Receivable, Net

183,923


168,876

Rig Materials and Supplies

29,947


25,527

Deferred Costs

3,249


2,229

Deferred Income Taxes

6,650


9,278

Assets held for sale

5,315


5,287

Other Current Assets

40,660


105,496

TOTAL CURRENT ASSETS

367,613


368,124





PROPERTY, PLANT AND EQUIPMENT, NET

719,809


816,147





OTHER ASSETS




Deferred Income Taxes

108,311


61,016

Other Assets

20,513


29,268

TOTAL OTHER ASSETS

128,824


90,284





TOTAL ASSETS

$              1,216,246


$               1,274,555





LIABILITIES AND STOCKHOLDERS' EQUITY




CURRENT LIABILITIES




Current  Portion of Long-Term Debt

$                 145,723


$                    12,000

Accounts Payable and Accrued Liabilities

140,087


163,263

TOTAL CURRENT LIABILITIES

285,810


175,263





LONG-TERM DEBT

337,000


460,862





LONG-TERM DEFERRED TAX LIABILITY

15,934


20,171





OTHER LONG-TERM LIABILITIES

33,452


30,193





TOTAL CONTROLLING INTEREST IN STOCKHOLDERS' EQUITY

544,606


588,313

Noncontrolling interest

(556)


(247)

TOTAL EQUITY

544,050


588,066





TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$              1,216,246


$               1,274,555









Current Ratio

1.29


2.10





Total Debt as a  Percent of Capitalization

47%


45%





Book Value Per Common Share

$                       4.65


$                        5.05



PARKER DRILLING COMPANY

Consolidated Condensed Statements of Operations

(Unaudited)










Three Months Ended December 31,


Year Ended December 31,


2011


2010


2011


2010


(Dollars in Thousands)


(Dollars in Thousands)









REVENUES:

$      181,067


$      173,316


$      686,646


$      659,475









EXPENSES:








Operating Expenses

107,044


119,090


418,144


471,278

Depreciation and Amortization

29,624


28,526


112,136


115,030









TOTAL OPERATING GROSS MARGIN

44,399


25,700


156,366


73,167









General and Administrative Expense

(7,930)


(6,695)


(31,314)


(30,728)

Impairment and other charges

(170,000)


-


(170,000)


-

Provision for Reduction in Carrying Value of Certain Assets

(1,350)


(1,952)


(1,350)


(1,952)

Gain on Disposition of Assets, Net

1,666


1,060


3,659


4,620









TOTAL OPERATING INCOME

(133,215)


18,113


(42,639)


45,107









OTHER INCOME AND (EXPENSE):








Interest Expense

(5,386)


(6,296)


(22,594)


(26,805)

Interest Income

47


59


256


257

Loss on extinguishment of debt

-


-


-


(7,209)

Change in fair of derivative positions

76


-


(110)


-

Other Income (Expense)

197


41


(325)


155

TOTAL OTHER INCOME AND (EXPENSE)

(5,066)


(6,196)


(22,773)


(33,602)









INCOME (LOSS) BEFORE INCOME TAXES

(138,281)


11,917


(65,412)


11,505









INCOME TAX EXPENSE (BENEFIT)








Current

20,000


21,985


33,608


27,521

Deferred

(68,112)


3,377


(48,375)


(1,308)

TOTAL INCOME TAX EXPENSE (BENEFIT)

(48,112)


25,362


(14,767)


26,213









NET LOSS

(90,169)


(13,445)


(50,645)


(14,708)

Less: net income (loss) attributable to noncontrolling interest

8


(36)


(194)


(247)

NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST

$      (90,177)


$      (13,409)


$      (50,451)


$      (14,461)

















EARNINGS  PER SHARE - BASIC








Net Loss

$          (0.77)


$          (0.12)


$          (0.43)


$          (0.13)









EARNINGS PER SHARE - DILUTED








Net Loss

$          (0.77)


$          (0.12)


$          (0.43)


$          (0.13)









NUMBER OF COMMON SHARES USED IN COMPUTING EARNINGS PER SHARE








Basic

116,620,561


114,671,545


116,081,590


114,258,965

Diluted

116,620,561


114,671,545


116,081,590


114,258,965



PARKER DRILLING COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in Thousands, Except Per Share Data)








Year Ended December 31,


2011


2010


2009







Revenues

$      686,646


$      659,475


$      752,910

Expenses:






Operating expenses

418,144


471,278


555,390

Depreciation and amortization

112,136


115,030


113,975


530,280


586,308


669,365

Total operating gross margin

156,366


73,167


83,545

General and administration expense

(31,314)


(30,728)


(45,483)

Impairments and other charges

(170,000)


-


-

Provision for reduction in carrying value of certain assets

(1,350)


(1,952)


(4,646)

Gain on disposition of assets, net

3,659


4,620


5,906

Total operating income

(42,639)


45,107


39,322

Other income and (expense):






Interest expense

(22,594)


(26,805)


(29,450)

Interest income

256


257


1,041

Loss on extinguishment of debt

-


(7,209)


-

Change in fair value of derivative positions

(110)


-


-

Other

(325)


155


(1,086)

Total other expense

(22,773)


(33,602)


(29,495)

Income (loss) before income taxes

(65,412)


11,505


9,827

Income tax expense (benefit):






Current tax expense

33,608


27,521


15,424

Deferred tax benefit

(48,375)


(1,308)


(14,864)

Total income tax expense (benefit)

(14,767)


26,213


560

Net income (loss)

(50,645)


(14,708)


9,267

Less: Net (loss) attributable to noncontrolling interest

(194)


(247)


-

Net income (loss) attributable to controlling interest

$      (50,451)


$      (14,461)


$          9,267

Basic earnings per share:

$          (0.43)


$          (0.13)


$            0.08

Diluted earnings per share:

$          (0.43)


$          (0.13)


$            0.08

Number of common shares used in computing






earnings per share:






Basic

116,081,590


114,258,965


113,000,555

Diluted

116,081,590


114,258,965


114,925,446



PARKER DRILLING COMPANY

Selected Financial Data

(Unaudited)
















Three Months Ended


Year Ended



December 31,


September 30,


December 31,



2011


2010


2011


2011


2010


2009



(Dollars in Thousands)


(Dollars in Thousands)

REVENUES:





Rental Tools

$    63,871


$ 49,310


$      62,388


$ 237,068


$ 172,598


$ 115,057


U.S. Barge Drilling

22,888


19,191


28,895


93,763


64,543


49,628


U.S. Drilling

-


-


-


-


-


-


International Drilling

89,229


73,149


79,592


318,482


294,821


379,344


Technical Services

5,079


9,271


5,714


27,695


36,423


23,438


Construction Contract

-


22,395


-


9,638


91,090


185,443


Total Revenues

181,067


173,316


176,589


686,646


659,475


752,910














OPERATING EXPENSES:













Rental Tools

19,952


16,559


18,682


74,491


60,036


52,740


U.S. Barge Drilling

16,503


13,533


17,534


65,143


53,334


48,051


U.S. Drilling

665


42


600


1,692


217


-


International Drilling

65,664


58,099


57,672


245,591


235,432


258,226


Technical Services

4,260


9,331


4,554


22,360


31,371


19,062


Construction Contract

-


21,526


-


8,867


90,888


177,311


Total Operating Expenses

107,044


119,090


99,042


418,144


471,278


555,390














OPERATING GROSS MARGIN:













Rental Tools

43,919


32,751


43,706


162,577


112,562


62,317


U.S. Barge Drilling

6,385


5,658


11,361


28,620


11,209


1,577


U.S. Drilling

(665)


(42)


(600)


(1,692)


(217)


-


International Drilling

23,565


15,050


21,920


72,891


59,389


121,118


Technical Services

819


(60)


1,160


5,335


5,052


4,376


Construction Contract

-


869


-


771


202


8,132


Depreciation and Amortization

(29,624)


(28,526)


(27,581)


(112,136)


(115,030)


(113,975)


Total Operating Gross Margin

44,399


25,700


49,966


156,366


73,167


83,545















General and Administrative Expense

(7,930)


(6,695)


(8,630)


(31,314)


(30,728)


(45,483)


Impairment and other charges

(170,000)


-


-


(170,000)


-


-


Provision for Reduction in Carrying Value of Certain Assets

(1,350)


(1,952)


-


(1,350)


(1,952)


(4,646)


Gain on Disposition of Assets, Net

1,666


1,060


623


3,659


4,620


5,906














TOTAL OPERATING INCOME

$ (133,215)


$ 18,113


$      41,959


$ (42,639)


$   45,107


$   39,322



Marketable Rig Count Summary

As of December 31, 2011






Total





U.S. Barge and Land Rigs



Gulf of Mexico Barge rigs

13


Land rigs

1


Total U.S. Barge and Land Rigs

14





International Barge and Land Rigs



Eastern Hemisphere*

16


Latin America

10


Total International Land and Barge Rigs

26








Total Marketable Rigs

40


*Three rigs were removed from marketable rig count as of December 31, 2010 and classified as held for sale. The three rigs remain classified as assets held for sale as of December 31, 2011.






PARKER DRILLING COMPANY

Reconciliation of Non-Routine Items *

(Unaudited)

(Dollars in Thousands, except Per Share)








Three Months Ending


Year Ended



December 31, 2011


December 31, 2011






Net (loss) attributable to controlling interest

$                   (90,177)


$             (50,451)

Earnings per diluted share

$                       (0.77)


$                 (0.43)





Adjustments:





Impairment and other charges

170,000


170,000


Provision for the reduction in carrying value

1,350


1,350


U.S. regulatory investigations / legal matters

567


5,220


Total adjustments

$                  171,917


$             176,570


Tax effect of non-routine adjustments

(61,546)


(63,175)


Net non-routine adjustments

$                  110,371


$             113,395






Adjusted net income attributable to controlling interest

$                    20,194


$               62,944

Adjusted earnings per diluted share

$                        0.17


$                   0.54








Three Months Ending


Year Ended



December 31, 2010


December 31, 2010

Net (loss) attributable to controlling interest

$                   (13,409)


$             (14,461)

Earnings per diluted share

$                       (0.12)


$                 (0.13)






Adjustments:





Extinguishment of debt

-


7,209


Provision for the reduction in carrying value

1,952


1,952


U.S. regulatory investigations / legal matters**

460


5,895


Total adjustments

$                      2,412


$               15,056


Tax effect of non-routine adjustments

(844)


(5,270)


Kazakhstan tax audit assessment

13,304


13,304


Net non-routine adjustments

$                    14,872


$               23,090






Adjusted net income attributable to controlling interest

$                      1,463


$                 8,629

Adjusted earnings per diluted share

$                        0.01


$                   0.08








*

Adjusted net income, a non-GAAP financial measure, excludes items that management believes are of a non-routine nature and which detract from an understanding of normal operating performance and comparisons with other periods. Management also believes that results excluding these items are more comparable to estimates provided by securities analysts and used by them in evaluating the Company's performance.  



**

Amended to include comparable expenses in all periods.



PARKER DRILLING COMPANY

Adjusted EBITDA

(Dollars in Thousands)




















Three Months Ended


December 31, 2011


September 30, 2011


June 30, 2011


March 31, 2011


December 31, 2010


September 30, 2010


June 30, 2010


March 31, 2010


December 31, 2009



















Net Income (Loss) Attributable to Controlling Interest

$                      (90,177)


$                 20,725


$                 14,173


$                   4,827


$               (13,409)


$                      492


$                      507


$                 (2,051)


$                 (4,324)

 Adjustments:


















Income Tax (Benefit) Expense

(48,112)


15,042


13,464


4,839


25,362


786


1,624


(1,559)


1,890

Total Other Income and Expense

5,066


6,268


5,636


5,803


6,196


6,277


11,182


9,736


7,362

Loss/(Gain) on Disposition of Assets, Net

(1,666)


(623)


(366)


(1,004)


(1,060)


(1,176)


(1,712)


(672)


(3,899)

Depreciation and Amortization

29,624


27,581


27,332


27,599


28,526


28,904


29,012


28,588


28,593

Impairment and other charges

170,000


-


-


-


-


-







Provision for Reduction in Carrying Value of Certain Assets

1,350


-


-


-


1,952


-


-


-


1,889



















Adjusted EBITDA

$                       66,085


$                 68,993


$                 60,239


$                 42,064


$                 47,567


$                 35,283


$                 40,613


$                 34,042


$                 31,511



















Adjustments:


















Non-routine Items

567


1,517


2,451


685


460


930


694


3,811


2,998



















Adjusted EBITDA after Non-routine Items

$                       66,652


$                 70,510


$                 62,690


$                 42,749


$                 48,027


$                 36,213


$                 41,307


$                 37,853


$                 34,509



SOURCE Parker Drilling