Parker Drilling Reports Third Quarter Earnings; Operating Results Increase 24 Percent

Parker Drilling Company (NYSE: PKD) today reported earnings of $18.6 million, or $0.17 per diluted share, on revenues of $146.8 million for the third quarter ended September 30, 2006, compared to revenues of $127.9 million and net income of $18.1 million or $0.18 per diluted share for the third quarter of 2005. Net income in the third quarter of 2006 included net non-routine income of $0.4 million and non- cash deferred taxes of $12.0 million or $0.11 per diluted share whereas the third quarter of 2005 included net non-routine income of $3.2 million or $0.03 per diluted share and no deferred taxes.