Parker Drilling Successfully Completes Restructuring Process
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Parker Drilling Company has successfully completed its financial restructuring and emerged from Chapter 11 protection. Parker moves forward with a stronger financial position, having reduced total debt by approximately two-thirds, from $585 million to $210 million, and securing access to $50 million in exit financing. The company has also raised an additional $95 million through a fully-backstopped equity rights offering.
“Today is an important day in Parker Drilling’s history. Our new capital structure allows us to pursue profitable growth opportunities and enhances our resiliency across industry cycles. We have always had strong operations, a great team, and loyal customers. Now, we have the right platform on which we can build scale in recovering markets and expand our suite of value-added services and technology-driven solutions to meet customers’ needs across the full drilling cycle,” said Gary Rich, president and chief executive officer.
“The process we concluded today opens new opportunities for our employees, customers, vendors and investors. We are grateful for the overwhelming support of all our stakeholders during this process and are excited to build on our 85-year legacy of innovation, reliability and efficiency,” added Rich.
About Parker Drilling
Parker Drilling provides drilling services and rental tools to the energy industry. The company’s Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The company’s Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets.
To stop by Parker Drilling’s website, CLICK HERE
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