<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED CONDENSED BALANCE SHEET AS OF DECEMBER 31, 1998 AND THE
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS FOR THE FOUR MONTHS ENDED
DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BE REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   4-MOS
<FISCAL-YEAR-END>                          DEC-31-1998<F1>
<PERIOD-END>                               DEC-31-1998
<CASH>                                           24314
<SECURITIES>                                         0
<RECEIVABLES>                                   108812
<ALLOWANCES>                                      3002
<INVENTORY>                                          0
<CURRENT-ASSETS>                                162103
<PP&E>                                         1195627
<DEPRECIATION>                                  445464
<TOTAL-ASSETS>                                 1179616
<CURRENT-LIABILITIES>                           111417
<BONDS>                                         630479
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         12815
<OTHER-SE>                                      351135
<TOTAL-LIABILITY-AND-EQUITY>                   1179616
<SALES>                                              0
<TOTAL-REVENUES>                                136723
<CGS>                                                0
<TOTAL-COSTS>                                    99996
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                  4055
<INTEREST-EXPENSE>                               17427
<INCOME-PRETAX>                                (16268)
<INCOME-TAX>                                    (1635)
<INCOME-CONTINUING>                            (14633)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (14633)
<EPS-PRIMARY>                                    (.19)
<EPS-DILUTED>                                    (.19)
<FN>
<F1>PARKER DRILLING COMPANY IS CHANGING ITS FISCAL YEAR-END FROM AUGUST 31 TO
DECEMBER 31, EFFECTIVE DECEMBER 31, 1998.  DECEMBER 31, 1998 IS THE PERIOD
ENDING DATE FOR THE COMPANY'S FOUR MONTH TRANSITION PERIOD.
</FN>