Parker Drilling Announces Resignation of Long-Time Board Member, Bernard J. Duroc-Danner

HOUSTON, July 15 /PRNewswire-FirstCall/ -- Parker Drilling Company today announced the resignation of Bernard J. Duroc-Danner, a member of the board of directors for more than eight years, effective immediately. Mr. Duroc-Danner is the chairman, president and chief executive officer of Weatherford International, Ltd. (Weatherford), one of the world's largest providers of engineered products and specialized services to the drilling, completion and production sectors of the global oil and gas industry.

Mr. Duroc-Danner has chosen to resign from Parker's board due to the increased time commitment associated with Weatherford's recently-announced agreement to purchase Precision Drilling Corporation's Energy Services and International Contract Drilling divisions. "It has been a privilege to work on the board of Parker Drilling. I leave with much affection for the company's proud tradition, and equal confidence in its industrial and financial prosperity," said Mr. Duroc-Danner.

Robert L. Parker Jr., president and chief executive officer said, "We want to thank Bernard for his dedicated service and contributions to the Company over the years. His strong leadership and guidance were invaluable to the Company's operations. His insight will be missed, and we wish him well in his future endeavors."

Mr. Duroc-Danner joined the Parker board of directors following Parker's acquisition of Mallard Bay Drilling, LLC. from EVI, Inc., which subsequently merged with Weatherford.

Parker Drilling intends to fill the vacancy created by Mr. Duroc-Danner's departure as soon as a qualified replacement is approved by the board.

Parker Drilling is a Houston-Based, global energy company specializing in offshore drilling and work over services in the Gulf of Mexico and international land and offshore markets. Parker also owns Quail Tools, a provider of premium industry rental tools. Parker Drilling employs approximately 3,100 people worldwide and has 51 marketed rigs.