Exhibit 99.2
Parker Drilling: Emergence Release
Parker Drilling Successfully Completes Restructuring Process
Emerges From Chapter 11 With Financial Foundation That Will Support Its Strategy for Profitable Growth
HOUSTON, March 26, 2019 /PRNewswire/ — Parker Drilling Company (“Parker” or the “Company”) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11 protection. Parker moves forward with a stronger financial position, having reduced total debt by approximatelytwo-thirds, from $585 million to $210 million, and securing access to $50 million in exit financing. The Company has also raised an additional $95 million through a fully-backstopped equity rights offering.
“Today is an important day in Parker Drilling’s history,” said Gary Rich, President and Chief Executive Officer. “Our new capital structure allows us to pursue profitable growth opportunities and enhances our resiliency across industry cycles. We have always had strong operations, a great team, and loyal customers. Now, we have the right platform on which we can build scale in recovering markets and expand our suite of value-added services and technology-driven solutions to meet customers’ needs across the full drilling cycle.”
Rich continued, “The process we concluded today opens new opportunities for our employees, customers, vendors and investors. We are grateful for the overwhelming support of all our stakeholders during this process and are excited to build on our85-year legacy of innovation, reliability and efficiency.”
Shares of the Company’s common stock will no longer trade on the OTC Pink Marketplace effective as of March 26, 2019. The Company intends to list its common stock on the New York Stock Exchange (“NYSE”) as soon as possible.
Kirkland & Ellis LLP is serving as legal advisor to Parker in connection with the restructuring. Moelis & Company is serving as Parker’s investment banker, and Alvarez & Marsal is serving as its financial advisor.
For questions regarding the Company’s emergence, contactinfo@primeclerk.com or call +1.855.631.5345, or +1.347.338.6451 internationally. Please reference “Parker Drilling Share Distributions.”
Cautionary Statement
This press release contains certain statements that may be deemed “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 addressing activities, events or developments the Company expects, projects, believes, or anticipates will or may occur in the future are forward-looking statements. 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 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 could cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the effects of the filing of the Chapter 11 cases on the Company’s business and the interest of various constituents, including stockholders; increased advisory costs to execute the Company’s reorganization; any inability to
