EXHIBIT 99.1
PARKER DRILLING COMPANY COMMENCES TENDER OFFER AND CONSENT
SOLICITATION FOR 9 3/4 PERCENT SENIOR NOTES DUE 2006
AND CONSENT SOLICITATION FOR 10 1/8 PERCENT SENIOR NOTES DUE 2009
HOUSTON, TEXAS, September 24, 2003 - Parker Drilling Company (NYSE:
PKD) today announced that it has commenced a cash tender offer and consent
solicitation for any and all of the $214,192,000 outstanding principal amount of
its 9 3/4 percent Senior Notes due 2006 (the "9 3/4 percent Senior Notes")
(CUSIP No. 701081 AG 6) and a consent solicitation relating to its 10 1/8
percent Senior Notes due 2009 (the "10 1/8 percent Senior Notes") (CUSIP Nos.
701081 AK 7 and 701081 AJ 0).
Under the terms of the tender offer, the total consideration to be paid
for each validly tendered 9 3/4 percent Senior Note will be equal to $1,023 per
$1,000 principal amount of 9 3/4 percent Senior Notes, plus accrued and unpaid
interest to the date of payment. The total consideration includes a consent
payment of $30 per $1,000 principal amount of 9 3/4 percent Senior Notes,
payable only to holders who tender their 9 3/4 percent Senior Notes and validly
deliver their consents prior to 5:00 p.m., New York City time, on October 1,
2003 (the "Consent Date"). Holders who validly tender their 9 3/4 percent Senior
Notes after the Consent Date will receive the total consideration less the
consent payment of $30, or $993 per $1,000 principal amount of the 9 3/4 percent
Senior Notes, plus accrued and unpaid interest to the date of payment. The
tender offer will expire at 5:00 p.m., New York City time, on October 22, 2003,
unless extended or earlier terminated.
In connection with the tender offer, the Company is also seeking
consents to certain proposed amendments to the indenture under which the 9 3/4
percent Senior Notes were issued. The purpose of the proposed amendments is to
eliminate certain restrictive covenants contained in the indenture, thereby
affording the Company additional financial and operational flexibility. Holders
who tender their 9 3/4 percent Senior Notes will be required to consent to the
proposed amendments and holders may not deliver consents to the proposed
amendments without tendering their 9 3/4 percent Senior Notes in the tender
offer. The tender offer is conditioned upon, among other things, the completion
by the Company of certain related financing transactions.
Simultaneous to the tender offer, the Company is seeking consents from
the record holders (as of September 19, 2003) of its 10 1/8 percent Senior Notes
to amend the indenture under which the 10 1/8 percent Senior Notes were issued.
The consent solicitation relating to the 10 1/8 percent Senior Notes will expire
at 5:00 p.m., New York City time, on October 1, 2003, unless extended or earlier
terminated.
Lehman Brothers Inc. will act as Dealer Manager for the offer and as
Solicitation Agent for the consent solicitation. The Information Agent is D.F.
King & Co., Inc., and the Depositary is JP Morgan Chase Bank. Persons with
questions regarding the tender offer or the consent solicitation should contact
Emily Shanks at Lehman Brothers Inc. at 800-438- 3242 or 212-528-7581, and
copies of the tender offer and consent solicitation materials may be obtained
from the Information Agent at 800-859-8511 or 212-269-5550.
This press release is neither an offer to purchase nor a solicitation
of an offer to sell the 9 3/4 percent Senior Notes or the 10 1/8 percent Senior
Notes. The offer relating to the 9 3/4 percent Senior Notes is made only by an
Offer to Purchase and Consent Solicitation Statement dated September 24, 2003,
and the consent solicitation relating to 10 1/8 percent Senior Notes is subject
to the Consent Solicitation Statement dated September 24, 2003.
Parker Drilling is a Houston-based global energy company specializing
in offshore drilling and workover services in the Gulf of Mexico and
international land and offshore markets. Parker also owns Quail Tools, a
provider of premium industry rental tools. Parker Drilling has 78 marketed rigs
and employs 2,800 people worldwide.