Parker Drilling (PKDC) 8-K Parker Drilling Reports Third Quarter Earnings Operating Results Increase 24 Percent

Exhibit 99

FOR IMMEDIATE RELEASE Investor Contact: David Tucker 281-406-2370

November 1, 2006

Parker Drilling Reports Third Quarter Earnings
Operating Results Increase 24 Percent

Houston, November 1, 2006 — Parker Drilling Company (NYSE: PKD) today reported earnings of $18.6 million, or $0.17 per diluted share, on revenues of $146.8 million for the third quarter ended September 30, 2006, compared to revenues of $127.9 million and net income of $18.1 million or $0.18 per diluted share for the third quarter of 2005. Net income in the third quarter of 2006 included net non-routine income of $0.4 million and non-cash deferred taxes of $12.0 million or $0.11 per diluted share whereas the third quarter of 2005 included net non-routine income of $3.2 million or $0.03 per diluted share and no deferred taxes.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $53.2 million for the third quarter of 2006, 24 percent higher than the $42.8 million reported in the third quarter of 2005. Significantly higher dayrates resulted in a 68 percent EBITDA improvement for Parker’s U.S. Gulf of Mexico barge rigs over the prior year’s quarter. Quail Tools also showed an improvement with a 51 percent increase from the prior year’s quarter. For the first nine months of 2006, EBITDA was $153.3 million, a 30 percent increase over the $117.7 million for 2005. (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 nine months of 2006, Parker Drilling reported revenues of $440.1 million and net income of $43.9 million or $0.41 per diluted share compared to revenues of $382.1 million and net income of $42.2 million or $0.43 per diluted share for the first nine months of 2005. Included in 2006 results are income of $0.02 per diluted share from non-routine items and $0.29 per share of non-cash deferred tax expense compared to income from non-routine items of $0.10 per diluted share and no deferred tax expense in 2005.

The average utilization of international land rigs for the third quarter of 2006 decreased to 55 percent from the 83 percent reported for the third quarter of 2005. This decrease is attributed to ten rigs that completed contracts in Mexico and Turkmenistan earlier this year. However, fourth quarter land rig revenue will increase as five of the ten rigs will commence new, long-term contracts at increased dayrates averaging more than 75 percent above previous contracted terms. The remaining rigs are currently being marketed and are expected to return to work in the fourth quarter and into 2007 at significantly higher dayrates.

Average utilization for the Gulf of Mexico barge rigs for the third quarter of 2006 was 72 percent, compared to 78 percent reported for the third quarter of 2005. The slight decline in utilization is primarily attributable to two deep barge rigs that were in shipyard during the quarter for upgrades and scheduled preventive maintenance. Deep barge rig 54 completed its upgrade program and scheduled preventive maintenance and re-entered the fleet in August under a one-year contract, and deep barge rig 50 will complete its upgrade program in November, and will mobilize for a three-month contract.

The Company’s deep drilling barge dayrates in the Gulf of Mexico averaged a record $45,800 per day during the third quarter of 2006, up approximately 53 percent, or $15,900 per day, from the third quarter of 2005 and approximately 13 percent, or $5,400 per day, above the second quarter of 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.”

Quail Tools, Parker Drilling’s drilling and production rental tools subsidiary, continued its outstanding performance as it posted its third consecutive quarterly record with revenues of $32.8 million. In addition to increased market penetration and new customers, results were fueled by new inventory purchased as a result of Parker’s 2006 capital expansion program, which significantly increased rental tool availability. Quail’s new operating facility in Northeast Texas is on track to open in early 2007, and will provide increased coverage of the Barnett Shale area and Fayetteville Shale area in Arkansas, in addition to the East Texas and Oklahoma markets.

“Parker delivered another solid quarter, posting records in our two U.S. segments and making good progress towards returning rigs to work at significantly improved dayrates in our international markets,” said Robert L. Parker Jr., chairman, president and chief executive officer. “Revenues remain steady despite lower international utilization, and will improve significantly as the new contracts commence work.

“We expect to continue to realize strong contributions from the U.S. business segments throughout the remainder of 2006 and into 2007 based on customer feedback and our success in securing term contracts for our deep barges.

“As we progress in our five-year strategic plan that includes growing a fleet of preferred drilling rigs, focusing on markets that have long-term exploration and development opportunities, and growing the Company’s rental tool business, we are excited about the many opportunities created by the plan for all of our business segments,” Parker concluded.

Capital expenditures for the nine months ended September 30, 2006 were $129.0 million. Total debt was $329.5 million at September 30, 2006, and the Company’s cash balance, including marketable securities, was $172.3 million.

Operating Segment Updates

• An additional land rig previously operating in Mexico was awarded a one-year contract for operations in South Texas, also with a dayrate increase in excess of the 75 percent average noted last quarter. Of the seven land rigs formerly in Mexico, four have secured long-term commitments at current market rates, which are significantly higher than dayrates under contracts recently completed.

• Deep barge rig 77, nearing the end of construction, is under contract and is expected to enter the fleet in December.

• Two of the Company’s new 2,000 horsepower land rigs have been contracted for work in Algeria by Sonatrach. The rigs are scheduled for delivery in the fourth quarter, and should begin operating under the three-year contract during the first quarter of 2007.

Parker has scheduled a conference call at 10 a.m. CDT (11 a.m. EDT) November 1, 2006 to discuss third quarter 2006 results. Those interested in participating in the call may dial in at (303) 262-2138. The conference call replay can be accessed from November 1 through November 8 by dialing (303) 590-3000 and using the access code 11073563#. Alternatively, the call can be accessed live through the Company’s website athttp://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 bidding activity, future operating results of the Company’s rigs and rental tool operations, capital expenditures, expansion and growth opportunities, asset sales, successful negotiation of contracts, future effective tax rates 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, 2005. 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 Statements of Operations
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
	(Dollars in Thousands)						(Dollars in Thousands)
DRILLING AND RENTAL REVENUES
U.S. Drilling	$	52,347		$	33,863		$	135,297		$	92,090
International Drilling		61,605			70,114			214,407			220,587
Rental Tools		32,831			23,928			90,401			69,425
TOTAL DRILLING AND RENTAL REVENUES		146,783			127,905			440,105			382,102
DRILLING AND RENTAL OPERATING EXPENSES
U.S. Drilling		20,944			15,178			58,228			48,404
International Drilling		52,280			53,147			171,506			168,647
Rental Tools		12,349			10,352			33,788			27,488
Depreciation and Amortization		16,993			16,563			51,665			50,585
TOTAL DRILLING AND RENTAL OPERATING EXPENSES		102,566			95,240			315,187			295,124
DRILLING AND RENTAL OPERATING INCOME		44,217			32,665			124,918			86,978
General and Administrative Expense		(7,992	)		(6,443	)		(23,261	)		(19,819	)
Provision for Change in Carrying Value of Certain Assets		—			(2,300	)		—			(2,300	)
Gain on Disposition of Assets, Net		4,328			5,943			6,901			22,393
TOTAL OPERATING INCOME		40,553			29,865			108,558			87,252
OTHER INCOME AND (EXPENSE)
Interest Expense		(7,923	)		(9,825	)		(25,223	)		(31,640	)
Change in Fair Value of Derivative Position		(1,029	)		1,457			166			1,526
Loss on Extinguishment of Debt		(1,910	)		(1,901	)		(1,912	)		(6,628	)
Other Income (Expense) — Net		2,121			642			4,632			2,098
TOTAL OTHER INCOME AND (EXPENSE)		(8,741	)		(9,627	)		(22,337	)		(34,644	)
INCOME BEFORE INCOME TAXES		31,812			20,238			86,221			52,608
INCOME TAX EXPENSE
Current Tax Expense		1,166			2,165			10,692			10,503
Deferred Tax Expense		12,007			—			31,671			—
TOTAL INCOME TAX EXPENSE		13,173			2,165			42,363			10,503
INCOME FROM CONTINUING OPERATIONS		18,639			18,073			43,858			42,105
Discontinued Operations, Net of Taxes		—			(6	)		—			71
NET INCOME	$	18,639		$	18,067		$	43,858		$	42,176
EARNINGS PER SHARE — BASIC
Income From Continuing Operations	$	0.17		$	0.19		$	0.41		$	0.44
Discontinued Operations, Net of Taxes	$	—		$	—		$	—		$	—
Net Income	$	0.17		$	0.19		$	0.41		$	0.44
EARNINGS PER SHARE — DILUTED
Income From Continuing Operations	$	0.17		$	0.18		$	0.41		$	0.43
Discontinued Operations, Net of Taxes	$	—		$	—		$	—		$	—
Net Income	$	0.17		$	0.18		$	0.41		$	0.43
AVERAGE COMMON SHARES OUTSTANDING
Basic		107,233,881			96,053,414			106,272,123			95,568,331
Diluted		108,211,580			98,022,378			107,766,841			97,163,125

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

DRAFT
	September 30, 2006			December 31, 2005
	(Dollars in Thousands)
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	84,969		$	60,176
Marketable Securities		87,380			18,000
Accounts and Notes Receivable, Net		128,423			104,681
Rig Materials and Supplies		13,593			18,179
Deferred Costs		3,437			4,223
Deferred income taxes		14,841			12,018
Other Current Assets		52,989			64,058
TOTAL CURRENT ASSETS		385,632			281,335
PROPERTY, PLANT AND EQUIPMENT, NET		396,636			355,397
OTHER ASSETS
Goodwill		100,315			107,606
Other Assets		21,489			57,282
TOTAL OTHER ASSETS		121,804			164,888
TOTAL ASSETS	$	904,072		$	801,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Current Portion of Long-Term Debt	$	—		$	—
Accounts Payable and Accrued Liabilities		142,922			150,755
TOTAL CURRENT LIABILITIES		142,922			150,755
LONG-TERM DEBT		329,529			380,015
LONG-TERM DEFERRED TAXES		441			—
OTHER LIABILITIES		12,932			11,021
STOCKHOLDERS’ EQUITY		418,248			259,829
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	904,072		$	801,620
Current Ratio		2.70			1.87
Total Long-Term Debt as a Percent of Capitalization		44	%		59	%
Book Value Per Common Share	$	3.84		$	2.66

PARKER DRILLING COMPANY AND SUBSIDIARIES
Selected Financial Data
(Unaudited)

	Three Months Ended
	September 30						June 30
	2006			2005			2006
	(Dollars in Thousands)
DRILLING AND RENTAL REVENUES
U.S. Drilling	$	52,347		$	33,863		$	42,697
International Land Drilling		48,146			54,584			59,028
International Offshore Drilling		13,459			15,530			13,944
Rental Tools		32,831			23,928			30,319
Total Drilling and Rental Revenues		146,783			127,905			145,988
DRILLING AND RENTAL OPERATING EXPENSES
U.S. Drilling		20,944			15,178			19,814
International Land Drilling		40,491			39,734			46,350
International Offshore Drilling		11,789			13,413			11,504
Rental Tools		12,349			10,352			10,969
Drilling and Rental Operating Expenses		85,573			78,677			88,637
DRILLING AND RENTAL OPERATING INCOME
U.S. Drilling		31,403			18,685			22,883
International Land Drilling		7,655			14,850			12,678
International Offshore Drilling		1,670			2,117			2,440
Rental Tools		20,482			13,576			19,350
Depreciation and Amortization		(16,993	)		(16,563	)		(17,715	)
Total Drilling and Rental Operating Income		44,217			32,665			39,636
General and Administrative Expense		(7,992	)		(6,443	)		(7,575	)
Provision for Reduction in Carrying Value of Certain Assets		—			(2,300	)		—
Gain on Disposition of Assets, Net		4,328			5,943			2,125
TOTAL OPERATING INCOME	$	40,553		$	29,865		$	34,186

Marketable Rig Count Summary
As of September 30, 2006

	Total
U.S. Land Rigs		2
U.S. Gulf of Mexico Barge Rigs
Workover		5
Intermediate		4
Deep		10
Total U.S. Gulf of Mexico Barge Rigs		19
International Land Rigs
Asia Pacific		9
Africa — Middle East		1
Mexico		4
CIS		8
Total International Land Rigs		22
International Barge Rigs
Mexico		1
Caspian Sea		1
Total International Barge Rigs		2
Total Marketable Rigs		45

Adjusted EBITDA
(Unaudited)

	Three Months Ending
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Income (Loss) from Continuing Operations	$	18,639		$	13,761		$	11,458		$	56,707		$	18,073		$	20,194		$	3,838		$	(2,147	)	$	(24,802	)
Adjustments:
Income Tax Expense		13,173			14,694			14,496			(39,087	)		2,165			3,486			4,852			3,001			4,542
Total Other Income and Expense		8,741			5,731			7,865			10,251			9,627			15,140			9,877			10,698			22,027
Gain on Disposition of Assets, Net		(4,328	)		(2,125	)		(448	)		(3,185	)		(5,943	)		(15,898	)		(552	)		(2,328	)		(333	)
Depreciation and Amortization		16,993			17,714			16,957			16,619			16,563			17,146			16,876			18,642			17,806
Provision for Reduction in Carrying Value		—			—			—			2,584			2,300			—			—			6,562			—
Adjusted EBITDA	$	53,218		$	49,775		$	50,328		$	43,889		$	42,785		$	40,068		$	34,891		$	34,428		$	19,240