Exhibit 99.1
NOTICE OF PARTIAL REDEMPTION
$65,000,000 Aggregate Principal Amount
of the Outstanding
10 1/8% Senior Notes due 2009
PARKER DRILLING COMPANY
CUSIP No. 701081
NOTICE IS HEREBY GIVEN pursuant to Section 3.03 of the Indenture, dated as
of May 2, 2002, among Parker Drilling Company, a Delaware corporation (the
"Company"), the subsidiaries of the Company named therein as guarantors and
JPMorgan Chase Bank, National Association, as Trustee, as supplemented and
amended by the First Supplemental Indenture, dated as of May 2, 2002, the Second
Supplemental Indenture, dated as of February 1, 2003, the Third Supplemental
Indenture, dated as of October 7, 2003, and the Fourth Supplemental Indenture,
dated as of October 10, 2003 (together, the "Indenture"), that the Company has
elected to redeem on May 21, 2005 (the "Redemption Date") $65,000,000 aggregate
principal amount of its outstanding 10 1/8% Senior Notes due 2009 (the "Notes").
The Notes to be redeemed will be selected in accordance with the applicable
procedures of The Depository Trust Company for partial redemptions. The Notes
are being called for redemption pursuant to Section 3.07 of the Indenture and
Paragraph 5 of the Notes.
$65,000,000 aggregate principal amount of the Notes outstanding on the
Redemption Date (the "Redeemed Notes") will be redeemed at the redemption price
of 105.0625% of the principal amount of the Notes (the "Redemption Price"), or
$1,050.625 per $1,000 principal amount of Notes. In addition, holders of
Redeemed Notes will receive accrued and unpaid interest thereon from May 15,
2005 up to but not including the Redemption Date. Copies of this Notice of
Redemption are being mailed by JPMorgan Chase Bank, National Association, as the
paying agent (the "Paying Agent"), directly to holders of record of the Notes as
such holders appear in the securities register maintained by the Company.
Unless the Company defaults in making the redemption payment, on and after
the Redemption Date, the Redeemed Notes will no longer be deemed to be
outstanding, interest on the Redeemed Notes will cease to accrue and all other
rights with respect to the Redeemed Notes will cease and terminate, except only
the right of the holders thereof to receive the Redemption Price, without
interest, upon surrender of the Redeemed Notes to the Paying Agent.
Under United States federal income tax law, the Paying Agent is required
to withhold 28% of the principal amount of your holdings redeemed unless it is
provided with your social security number or federal employer identification
number, properly certified.
Redeemed Notes must be surrendered to the Paying Agent to collect the
Redemption Price. To receive the Redemption Price, certificates representing the
Redeemed Notes must be surrendered to the Paying Agent at the following address:
By Mail: By Express Delivery:
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JPMorgan Chase Bank, National Association JPMorgan Chase Bank, National Association
Institutional Trust Services Institutional Trust Services
P. O. Box 2320 2001 Bryan Street, 10th Floor
Dallas, Texas 75221-2320 Dallas, TX 75201
JPMorgan Chase Bank, National
Association, as Trustee
Dated: April 21, 2005 (800) 275-2048 (toll-free)