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                                                                    EXHIBIT 99.1



PARKER DRILLING AND SUPERIOR ENERGY SERVICES
ANNOUNCE PLANNED MERGER

(Tulsa, Oct. 29, 1998) -- Parker Drilling Company (NYSE: PKD) and Superior
Energy Services, Inc. (NASDAQ: SESI) jointly announced today the execution of a
definitive agreement to combine the two companies.

         Under the terms of the agreement, each share of Superior common stock
will be exchanged for 0.9 shares of Parker. With the exchange of shares and
assumed debt of $25 million, the total current market value of the transaction
is approximately $168 million. The deal is expected to close in early 1999 and
is subject to approval of Parker and Superior shareholders and the customary
regulatory approvals.

         As a result of the transaction, Parker will issue approximately 26
million new shares to current Superior shareholders, and will then have
approximately 103 million shares outstanding after the closing of the
transaction.

         "Our merger with Superior Energy Services continues our long term
corporate strategy to expand this high-margin side of our business," said Robert
L. Parker Jr., Parker Drilling's president and chief executive officer.
"Superior's wide geographic presence and excellent reputation with Gulf of
Mexico operators will allow Parker to expand our premium rental tool business
in deep offshore markets and internationally."

         "Obviously, this transaction rewards our shareholders with a
substantial premium," said Terence Hall, Superior's chairman, president and
chief executive officer. "But more importantly, it will allow our existing
business lines to grow by accessing Parker's well-established international
platform and thereby further enhance shareholder value."

         Superior provides oil tool rentals, well plug and abandonment
services, and other specialized products and services to oil companies
operating in the Gulf of Mexico and Gulf Coast land regions.  Superior
is headquartered in Harvey, La.

         In 1996, Parker acquired Louisiana-based Quail Tools and barge
drilling contractor Mallard Bay Drilling. The same year Parker acquired the
assets of Bolifor, S.A., Bolivia's largest land drilling contractor,


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and in 1997, Parker expanded its Gulf of Mexico presence with the purchase of
Hercules Offshore Corporation.

         Parker is an international provider of offshore and on-land drilling
services. The company's wide variety of equipment includes shallow water jackups
and offshore platform rigs, transition zone barge rigs and land rigs which
currently operate in 14 countries. Tulsa-based Parker, founded in 1934, has
operated in 49 nations.

                  This news release contains forward-looking statements under
the Private Securities Litigation Reform Act of 1995. Although the company
believes that these statements are based upon reasonable assumptions, the
company can give no assurance that its expectations will be achieved. Actual
results may differ materially due to various risks and uncertainties which are
outside the control of the company, such as market prices of oil and gas, the
volatility of such prices, governmental regulation and trade restrictions,
worldwide economic activity and political stability in major oil producing
areas.

FOR FURTHER INFORMATION, CONTACT:
         Ed Hendrix or Phil Burch, Investor Relations,
or Tim Colwell, Public Relations, 918-585-8221