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

    Parker Drilling Announces Earnings Guidance, 3rd Quarter Conference Call

HOUSTON, October 22, 2004 -- Parker Drilling Company (NYSE: PKD) announced today
that it expects earnings per share for the third quarter of 2004 to reflect a
loss of $0.24 - $0.25. The loss includes non-routine charges of approximately
$10.3 million or $0.11 per share. As disclosed in the Offering Memorandum for
$150 million of Senior Floating Rate Notes issued on September 2, 2004, the
Company incurred charges of approximately $8.2 million. These charges were for
the 6.54% premium paid on the purchase of $80 million of the Company's 10.125%
Senior Notes tendered pursuant to a tender offer dated August 6, 2004 and the
write-off of debt issuance costs associated with the debt paid down, and for
legal and other fees. In addition, the Company expects the courts in Kazakhstan
to confirm the settlement for duties and taxes assessed by the Mangistau Customs
Control in connection with the temporary import status of barge rig 257,
resulting in a charge of $2.1 million. The short term cash impact of the
settlement will be in the $4.0 million range, but approximately half of that
amount will be recaptured through reduced VAT payments over the next six months.
The settlement will release all claims of the Kazakhstan customs authorities and
the rig will be free to move from port and is expected to commence operations
during the fourth quarter.

Third quarter operating results were negatively impacted due to several factors,
including, the stacking of two barge rigs in Nigeria that were under contract
during the majority of the second quarter, the slight delay in the startup of
the seven Mexico land rigs when compared to original estimates, the release of
rig 236 in Russia during late July, and the stacking of a rig owned by
Tengizchevroil and operated by Parker under a project management agreement.
Quail Tools also experienced a reduction of approximately $1.0 million compared
to the second quarter, the majority of which was attributable to Hurricane Ivan.
Results from the Company's Gulf of Mexico barge operations where improved from
the second quarter even though barge rig 76 has been in the shipyard for
upgrades since mid-August Rig 76 is expected to begin operations in early
November on the first deep well of a two-well contract.

Although a return to profitability is anticipated during the later part of the
fourth quarter, based on anticipated increases in utilization, the Company
currently expects to incur a loss between $0.05 and $0.10 per share for the
quarter. As mentioned above, barge rigs 257 and 76 are expected to begin
operations during the fourth quarter. Barge rig 75 has recently returned to work
in Nigeria and additional work is expected in Papua New Guinea, Colombia, and
Turkmenistan, being somewhat offset by rig 255 coming off contract in
Bangladesh. Fourth quarter will also reflect 100 percent utilization in Mexico
as all seven land rigs and one barge rig have been operating since September,
20th. Quail Tools is expected to continue the strong performance it has been
experiencing this year.

In addition, the rigs in the Gulf of Mexico should show continued improvement.
For example, workover rig 26 stacked since 2001, has begun operations in the
Gulf of Mexico.

The Company will host its third quarter conference call at 10 a.m. CST (11 a.m.
EST) on Tuesday, November 2, 2004. Results for the quarter will be released that
morning prior to the call. Those interested in participating in the call may
dial in at (303) 262-2131. The conference call replay can be accessed from noon
CST November 2, 2004, until 6 p.m. CST November 9, 2004, by dialing (303)
590-3000 and using the access code 11011921#. Alternatively, the call can be
accessed live through the Parker Web site at http://www.parkerdrilling.com. An
archive of the call will be available on the Web 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, 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 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 from those expressed or implied in the forward-looking
statements. For a more detailed discussion of risk factors, 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, 2003. 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 is a Houston-based global energy company specializing in
offshore drilling and workover services in the Gulf of Mexico and international
land and offshore drilling. Parker also owns Quail Tools, a provider of premium
rental tools for oil and gas drilling. Parker Drilling has 65 marketed rigs and
employs approximately 2,800 people worldwide. For more information go to
http://www.parkerdrilling.com.


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