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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K/A

                                 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
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


Delaware                              1-7573                     73-0618660
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(State or 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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            The financial statements of Hercules Offshore Corporation's
            Predecessor Company ("Hercules") for the four month period ended
            April 30, 1996 have been restated, as prescribed by accounting
            regulations of the Securities and Exchange Commission to reflect
            additional general and administrative expenses and a corresponding
            decrease in net income as a result of payments made by former
            shareholders of the former Parent of Hercules to an officer of
            Hercules and a company affiliated with an officer of Hercules. Such
            changes do not affect the financial statements of Hercules for the
            eight months ended December 31, 1996 or the financial statements of
            Parker Drilling Company.            

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

            (c)   Exhibits

                  99.1    Certain Financial Statements of Hercules Offshore
                          Corporation and Predecessor Company, as restated as 
                          described in Note 1.

                  99.2    Certain Financial Statements of Hercules Rig
                          Corporation.

  
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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 Financial Officer


Date: March 6, 1998
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                                 EXHIBIT INDEX


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

 99.1     Certain Financial Statements of Hercules Offshore Corporation and 
          Predecessor Company.

 99.2     Certain Financial Statements of Hercules Rig Corporation.