Peru and Colombia
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Parker sells 4 rigs to Saxon Energy for US$23mn

Bnamericas Published: Thursday, June 16, 2005
Houston-based oil services company Parker Drilling (NYSE:PKD) has completed the sale of four South American drilling rigs and their related assets to Canadian company Saxon Energy Services for US$23mn, Parker said in a statement. Parker entered into four definitive agreements with Saxon to sell its seven land rigs and related assets in Colombia and Peru for US$34mn in May. With the closing of this latest transaction, Parker has sold five of its seven rigs pursuant to three of the four agreements with Saxon. One of the agreements closed simultaneously with the execution of the definitive agreement, resulting in receipt of approximately US$4mn, the statement said. It is anticipated that the sale of two remaining rigs will be completed within 60 days, at which time Parker will receive US$7mn currently in escrow. Parker anticipates that the majority of the gain associated with the US$34mn in proceeds from the four transactions will be reported during the third quarter consistent with the release of the escrow funds. As announced earlier, net proceeds from the sale will be used to retire debt and will result in the company achieving approximately 90% of its US$200mn debt reduction goal, the statement said. Parker Drilling specializes in offshore drilling and workover services in the Gulf of Mexico and international onshore and offshore markets. The company employs approximately 3,000 people worldwide and will have 49 operating rigs after the sale of the South American land rigs.

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