Parker Drilling (PKDC) 8-K/A Parker Drilling Second Quarter 2007 Net Income Increases 23 Percent

EXHIBIT 99.1

FOR IMMEDIATE RELEASE	Investor Contact: David Tucker	281-406-2370
August 1, 2007 (Revised 8-9-07)

Parker Drilling Second Quarter 2007 Net Income Increases 23 Percent

HOUSTON, August 1 — Parker Drilling Company (NYSE: PKD), a global drilling contractor and service provider, today reported strong financial and operating results for the second quarter 2007. Highlights include:

• Net Income increased 23 percent over the second quarter 2006;

• Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13 percent over the second quarter 2006;

• Deep drilling barge rigs experienced record dayrates and high utilization;

• International land rig utilization continued to increase;

• New convertible debt offering will reduce cash interest expense.

Second Quarter Earnings and Financial Highlights

For the three months ended June 30, 2007, Parker posted net income of $16.9 million, or $0.15 per diluted share, on revenues of $150.3 million, compared to net income of $13.8 million, or $0.13 per diluted share, on revenues of $146.0 million for the second quarter 2006. Included in net income is a non-cash charge to tax expense of $4.0 million, or $0.04 per diluted share, for potential interest and exchange rate fluctuations relating to a tax liability recorded on January 1, 2007, associated with the adoption of the Financial Accounting Standards Board (FASB) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). Net income in the second quarter 2006 included a $0.01 per diluted share gain on an insurance settlement and a favorable change in fair value of interest rate derivatives.

EBITDA was $56.3 million for the second quarter 2007, 13 percent higher than the $49.8 million in the second quarter 2006. Significantly higher dayrates resulted in a 44 percent EBITDA improvement for Parker’s U.S. operations over the second quarter 2006. (The details of the EBITDA calculation, a non-GAAP financial measure, for the current and prior eight quarters are defined and reconciled later in this press release to their most directly comparable GAAP financial measure.)

For the first six months of 2007, Parker Drilling reported revenues of $301.6 million and net income of $46.9 million or $0.43 per diluted share compared to revenues of $293.3 million and net income of $25.2 million or $0.24 per diluted share for the first six months of 2006. Included in 2007 results are an after—tax gain of $0.07 per diluted share from the sale of two workover barge rigs in January and non-cash FIN 48 charges of $0.05 per diluted share compared to income from non-routine items of $0.02 per diluted share in 2006.

Capital expenditures for the six months ended June 30, 2007 totaled $129.6 million. Total debt remained unchanged at approximately $329 million, and the Company’s cash, cash equivalents and marketable securities totaled $102.3 million at June 30, 2007.

Average utilization for barge rigs drilling in the Gulf of Mexico transition zone for the second quarter 2007 was 74 percent, slightly above the 71 percent reported for the second quarter 2006 and similar to the 73 percent reported for the first quarter 2007. Current barge rig utilization is 88 percent. The Company’s deep drilling barge dayrates in the Gulf of Mexico continued to experience record levels, averaging $51,600 per day during the second quarter 2007, up approximately 28 percent, or $11,200 per day, from the second quarter 2006. (Average dayrates for each classification of barge by quarter are available on Parker’s website and can be viewed or downloaded by going to “Investor Relations” and then to “Dayrates — GOM.”)

The average utilization of international land rigs for the second quarter 2007 increased to 71 percent, up from the 66 percent reported for the first quarter 2007 and the 65 percent in the second quarter 2006. Current international utilization is 78 percent and is expected to further increase during 2007 as rigs continue to reposition between contracts.

Quail Tools, Parker Drilling’s drilling and production rental tools subsidiary, continued its solid performance as it recorded EBITDA of $18.9 million in the second quarter 2007, up $0.1 million from the first quarter 2007. The expansion of Quail is well underway as equipment is being delivered to Quail’s new facility in Texarkana, Texas, which opened on April 2. The new facility provides increased coverage of the Barnett, Fayetteville and Woodford shale areas in East Texas, Arkansas and Oklahoma.

Summary

Robert L. Parker Jr., chairman and chief executive officer of Parker Drilling, said: “Parker Drilling’s second quarter results are continued evidence that our disciplined approach is driving profitable growth. Our performance was driven by solid dayrates and sustained demand for our preferred barge rigs despite recent uncertainties in the U.S. gas market.

“In line with our strategic growth plan of providing our customers with preferred rigs, three barge rigs completed refurbishment programs during the quarter and re-entered our U.S. fleet in June, all under contract. Two of our four new 2,000 horsepower rigs have begun operations in Algeria, and the remaining two rigs are rigging up in Mexico for a three-year contract. Two new land rigs built in conjunction with our Saudi Arabian joint venture are also operating, with an additional four rigs expected to deploy in the country for the joint venture throughout 2007.

“Quail Tools was flat for the quarter as key deepwater projects have been delayed by our customers and new equipment relating to Quail’s expansion has been delivered later than anticipated. We expect the second half of the year to be much improved as new equipment is placed into service and deep water projects begin.

“With the second quarter announcement of three multi-year contracts in Mexico and Turkmenistan, our global utilization now stands at 81 percent, a strong improvement over last year. Looking ahead, we continue to expect increased contributions from our international segments as more rigs come online, benefiting from our focus on securing long-term, high-margin work in regions with significant growth potential. We remain optimistic that our U.S. barge segment can continue to generate strong utilization and dayrates in the third and fourth quarters, and are confident in the growth of our rental tools segment.

“Additionally, in July we completed a public offering of $125 million aggregate principal amount of convertible senior notes due 2012 that will reduce our interest costs going forward by using the majority of the proceeds to pay down our more expensive debt. As a result, we will be saving approximately $7.4 million in cash interest expense annually, allowing us to reinvest more of our cash flow into growing our business and building high-performance, preferred equipment.

“We have significant momentum heading into the rest of 2007 and are committed to the execution of our strategic growth plan while anticipating the needs of our customers. I am excited about the opportunities ahead.”

Parker has scheduled a conference call at 9:00 a.m. CDT (10:00 a.m. EDT) on Wednesday, Aug. 1, to discuss second quarter 2007 financial results. Those interested in participating in the call may dial in at (303) 262-2211. The conference call replay can be accessed from Aug. 1 through Aug. 8 by dialing (800) 405-2236 and using the access code 11093788#. Alternatively, the call can be accessed live through the company’s website at http://www.parkerdrilling.com and will be archived on the site for 12 months.

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 earnings per share guidance, the outlook for rig utilization and dayrates, general industry conditions including demand for drilling and customer spending, competitive advantages including cost effective integrated solutions, future technological innovation, future operating results of the Company’s rigs and rental tool operations, capital expenditures, expansion and growth opportunities, asset sales, successful negotiation of contracts, strengthening of financial position, increase in market share 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, 2006. 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.

PARKER DRILLING COMPANY AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)

	June 30, 2007			December 31, 2006
	(Dollars in Thousands)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	63,148		$	92,203
Marketable Securities		39,200			62,920
Accounts and Notes Receivable, Net		137,642			112,359
Rig Materials and Supplies		21,075			15,000
Deferred Costs		9,343			6,662
Deferred income taxes		14,774			17,307
Other Current Assets		31,100			11,123
TOTAL CURRENT ASSETS		316,282			317,574
PROPERTY, PLANT AND EQUIPMENT, NET		525,872			435,473
OTHER ASSETS
Goodwill		100,315			100,315
Deferred Taxes		25,249			13,405
Other Assets		31,419			34,534
TOTAL OTHER ASSETS		156,983			148,254
TOTAL ASSETS	$	999,137		$	901,301
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Current Portion of Long-Term Debt	$	—		$	—
Accounts Payable and Accrued Liabilities		101,704			101,903
TOTAL CURRENT LIABILITIES		101,704			101,903
LONG-TERM DEBT		329,044			329,368
LONG-TERM DEFERRED TAXES		23,008			—
OTHER LIABILITIES		73,964			10,931
STOCKHOLDERS’ EQUITY		471,417			459,099
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	999,137		$	901,301
Current Ratio		3.11			3.12
Total Long-Term Debt as a Percent of Capitalization		41	%		42	%
Book Value Per Common Share	$	4.18		$	4.17

PARKER DRILLING COMPANY AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
	(Dollars in Thousands)						(Dollars in Thousands)
DRILLING AND RENTAL REVENUES
U.S. Drilling	$	57,651		$	42,697		$	119,275		$	82,950
International Drilling		61,196			72,972			120,870			152,802
Rental Tools		31,430			30,319			61,405			57,570
TOTAL DRILLING AND RENTAL REVENUES		150,277			145,988			301,550			293,322
DRILLING AND RENTAL OPERATING EXPENSES
U.S. Drilling		24,616			19,814			51,377			37,284
International Drilling		50,617			57,854			96,400			119,226
Rental Tools		12,521			10,969			23,684			21,439
Depreciation and Amortization		19,642			17,715			37,701			34,672
TOTAL DRILLING AND RENTAL OPERATING EXPENSES		107,396			106,352			209,162			212,621
DRILLING AND RENTAL OPERATING INCOME		42,881			39,636			92,388			80,701
General and Administrative Expense		(6,246	)		(7,575	)		(12,134	)		(15,269	)
Gain on Disposition of Assets, Net		269			2,125			16,673			2,573
TOTAL OPERATING INCOME		36,904			34,186			96,927			68,005
OTHER INCOME AND (EXPENSE)
Interest Expense		(5,985	)		(8,199	)		(12,315	)		(17,300	)
Change in Fair Value of Derivative Position		(28	)		382			(409	)		1,195
Interest Income		1,712			2,039			3,496			3,445
Other Income (Expense) — Net		70			47			(923	)		(936	)
TOTAL OTHER INCOME AND (EXPENSE)		(4,231	)		(5,731	)		(10,151	)		(13,596	)
INCOME BEFORE INCOME TAXES		32,673			28,455			86,776			54,409
INCOME TAX EXPENSE
Current Tax Expense		6,613			(5,563	)		28,625			—
Deferred Tax Expense		9,200			20,257			11,297			29,190
TOTAL INCOME TAX EXPENSE		15,813			14,694			39,922			29,190
NET INCOME	$	16,860		$	13,761		$	46,854		$	25,219
EARNINGS PER SHARE — BASIC
Net Income	$	0.15		$	0.13		$	0.43		$	0.24
EARNINGS PER SHARE — DILUTED
Net Income	$	0.15		$	0.13		$	0.43		$	0.24
AVERAGE COMMON SHARES OUTSTANDING
Basic		109,740,528			107,082,784			108,760,980			105,783,424
Diluted		110,842,121			108,363,036			109,968,329			107,283,318

PARKER DRILLING COMPANY AND SUBSIDIARIES
Selected Financial Data
(Unaudited)

	Three Months Ended
	June 30,						March 31,
	2007			2006			2006
	(Dollars in Thousands)
DRILLING AND RENTAL REVENUES
U.S. Offshore Drilling	$	54,316		$	42,697		$	55,152
U.S. Land Drilling		3,335			—			6,472
International Land Drilling		52,268			59,028			51,875
International Offshore Drilling		8,928			13,944			7,799
Rental Tools		31,430			30,319			29,975
Total Drilling and Rental Revenues		150,277			145,988			151,273
DRILLING AND RENTAL OPERATING EXPENSES
U.S. Offshore Drilling		21,551			19,814			22,136
U.S. Land Drilling		3,065			—			4,625
International Land Drilling		45,019			46,350			40,694
International Offshore Drilling		5,598			11,504			5,089
Rental Tools		12,521			10,969			11,163
Drilling and Rental Operating Expenses		87,754			88,637			83,707
DRILLING AND RENTAL OPERATING INCOME
U.S. Offshore Drilling		32,765			22,883			33,016
U.S. Land Drilling		270			—			1,847
International Land Drilling		7,249			12,678			11,181
International Offshore Drilling		3,330			2,440			2,710
Rental Tools		18,909			19,350			18,812
Depreciation and Amortization		(19,642	)		(17,715	)		(18,059	)
Total Drilling and Rental Operating Income		42,881			39,636			49,507
General and Administrative Expense		(6,246	)		(7,575	)		(5,888	)
Gain on Disposition of Assets, Net		269			2,125			16,404
TOTAL OPERATING INCOME	$	36,904		$	34,186		$	60,023

Marketable Rig Count Summary
As of June 30, 2007

	Total
U.S. Land Rigs		1
U.S. Gulf of Mexico Barge Rigs
Workover		3
Intermediate		3
Deep		10
Total U.S. Gulf of Mexico Barge Rigs		16
International Land Rigs
Asia Pacific		9
Africa — Middle East		3
Latin America		7
CIS		8
Total International Land Rigs		27
International Barge Rigs
Mexico		1
Caspian Sea		1
Total International Barge Rigs		2
Total Marketable Rigs		46

Adjusted EBITDA
(Unaudited)

	Three Months Ending
	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,
	2007			2007			2006			2006			2006			2006			2005			2005			2005
Income from Continuing Operations	$	16,860		$	29,994		$	37,168		$	18,639		$	13,761		$	11,458		$	56,707		$	18,073		$	20,194
Adjustments:
Income Tax Expense (Benefit)		15,813			24,109			(5,954	)		13,173			14,694			14,496			(39,087	)		2,165			3,486
Total Other (Income) and Expense		4,231			5,920			3,554			8,741			5,731			7,865			10,251			9,627			15,140
Gain on Disposition of Assets, Net		(269	)		(16,404	)		(672	)		(4,328	)		(2,125	)		(448	)		(3,185	)		(5,943	)		(15,898	)
Depreciation and Amortization		19,642			18,059			17,605			16,993			17,715			16,957			16,619			16,563			17,146
Provision for Reduction in Carrying Value		—			—			—			—			—			—			2,584			2,300			—
Adjusted EBITDA	$	56,277		$	61,678		$	51,701		$	53,218		$	49,776		$	50,328		$	43,889		$	42,785		$	40,068