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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934



                  Date of earliest event reported: May 8, 1997


                            PARKER DRILLING COMPANY
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             (Exact name or registrant as specified in its charter)


Delaware                              1-7573                     73-0618660
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(State of other jurisdiction    Commission File Number         (IRS Employer
of incorporation)                                           Identification No.)

Eight East Third Street, Tulsa, Oklahoma               74103
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 (Address of principal executive offices)            (Zip Code)


Registrant's telephone number, include area code: (918) 585-8221
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Item 5:     Other Events
        
            As reported in its Current Report dated July 2, 1997, Parker 
            Drilling Company (the "Company") executed a definitive stock
            purchase agreement on May 9, 1997 to acquire all of the outstanding
            capital stock of Hercules Offshore Corporation, a Texas corporation
            ("HOC"), for $145 million in cash. Also on May 9, 1997, the Company
            executed a definitive stock purchase agreement to acquire all of
            the outstanding capital stock of Hercules Rig Corp., a Texas
            corporation ("HRC"), for $50 million in cash. Set forth in Exhibits
            99.1 and 99.2 hereto are certain financial statements of HOC and 
            HRC, respectively.

Item 7:     Financial Statements, Pro-Forma Financial Information and Exhibits

            (c)   Exhibits

                  99.1    Certain Financial Statements of HOC.

                  99.2    Certain Financial Statements of HRC.

  
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                                   SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                     PARKER DRILLING COMPANY



                                      By: /s/ JAMES J. DAVIS
                                          ------------------------------------
                                          James J. Davis
                                          Senior Vice President -
                                          Finance and Chief Executive Officer


Date: October 28, 1997
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                                 EXHIBIT INDEX


Exhibit                                                             
Number                     Description                             
- -------                    -----------                             

 99.1     Certain Financial Statements of HOC.

 99.2     Certain Financial Statements of HRC.