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FOR IMMEDIATE RELEASE
    
    Investor Contact:     David Tucker 281-406-2370May 8, 2007
 Parker Drilling First Quarter 2007 Net Income Increases 162%
  First Quarter Earnings and Financial Highlights




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Summary




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http://www.parkerdrilling.com
 This release contains certain statements that may be deemed to be forward-looking statements
within the meaning of the Securities Acts. All statements, other than statements of historical
facts, that address activities, events or developments that the Company expects, projects, believes
or anticipates will or may occur in the future, including earnings per share guidance, the outlook
for rig utilization and dayrates, general industry conditions including demand for drilling and
customer spending, competitive advantages including cost effective integrated solutions, future
technological innovation, future operating results of the Companys rigs and rental tool
operations, capital expenditures, expansion and growth opportunities, asset sales, successful
negotiation of contracts, strengthening of financial position, increase in market share and other
such matters, are forward-looking statements. Although the Company believes that its expectations
stated in this release are based on reasonable assumptions, actual results may differ materially
from those expressed or implied in the forward-looking statements. For a detailed discussion of
risk factors that could cause actual results to differ materially from the Companys expectations,
please refer to the Companys reports filed with the SEC, and in particular, the report on Form
10-K for the year ended December 31, 2006. Each forward-looking statement speaks only as of the
date of this release, and the Company undertakes no obligation to publicly update or revise any
forward-looking statement.




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PARKER DRILLING COMPANY AND SUBSIDIARIES
 Three Months Ended March 31,2007
    
    
    2006(Dollars in Thousands)DRILLING AND RENTAL REVENUESU.S. Drilling
    
    $
    61,624
    
    
    $
    40,253International Drilling
    
    
    59,674
    
    
    
    79,830Rental Tools
    
    
    29,975
    
    
    
    27,251TOTAL DRILLING AND RENTAL REVENUES
    
    
    151,273
    
    
    
    147,334DRILLING AND RENTAL OPERATING EXPENSESU.S. Drilling
    
    
    26,761
    
    
    
    18,259International Drilling
    
    
    45,783
    
    
    
    62,575Rental Tools
    
    
    11,163
    
    
    
    10,470Depreciation and Amortization
    
    
    18,059
    
    
    
    16,957TOTAL DRILLING AND RENTAL OPERATING EXPENSES
    
    
    101,766
    
    
    
    108,261DRILLING AND RENTAL OPERATING INCOME
    
    
    49,507
    
    
    
    39,073General and Administrative Expense
    
    
    (5,888
    )
    
    
    (5,702
    )Gain on Disposition of Assets, Net
    
    
    16,404
    
    
    
    448TOTAL OPERATING INCOME
    
    
    60,023
    
    
    
    33,819OTHER INCOME AND (EXPENSE)Interest Expense
    
    
    (6,330
    )
    
    
    (9,101
    )Change in Fair Value of Derivative Position
    
    
    (381
    )
    
    
    813Interest Income
    
    
    1,784
    
    
    
    1,406Other Income (Expense)  Net
    
    
    (993
    )
    
    
    (983
    )TOTAL OTHER INCOME AND (EXPENSE)
    
    
    (5,920
    )
    
    
    (7,865
    )INCOME BEFORE INCOME TAXES
    
    
    54,103
    
    
    
    25,954INCOME TAX EXPENSECurrent Tax Expense
    
    
    22,012
    
    
    
    5,563Deferred Tax Expense
    
    
    2,097
    
    
    
    8,933TOTAL INCOME TAX EXPENSE
    
    
    24,109
    
    
    
    14,496NET INCOME
    
    $
    29,994
    
    
    $
    11,458EARNINGS PER SHARE  BASICNet Income
    
    $
    0.28
    
    
    $
    0.11EARNINGS PER SHARE  DILUTEDNet Income
    
    $
    0.27
    
    
    $
    0.11AVERAGE COMMON SHARES OUTSTANDINGBasic
    
    
    107,704,763
    
    
    
    104,469,893Diluted
    
    
    109,425,555
    
    
    
    106,003,562




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PARKER DRILLING COMPANY AND SUBSIDIARIES
 March 31,
    
    
    December 31,2007
    
    
    2006(Dollars in Thousands)ASSETSCURRENT ASSETSCash and Cash Equivalents
    
    $
    74,124
    
    
    $
    92,203Marketable Securities
    
    
    83,493
    
    
    
    62,920Accounts and Notes Receivable, Net
    
    
    123,229
    
    
    
    112,359Rig Materials and Supplies
    
    
    15,957
    
    
    
    15,000Deferred Costs
    
    
    5,468
    
    
    
    6,662Deferred income taxes
    
    
    17,307
    
    
    
    17,307Other Current Assets
    
    
    11,792
    
    
    
    11,123TOTAL CURRENT ASSETS
    
    
    331,370
    
    
    
    317,574PROPERTY, PLANT AND EQUIPMENT, NET
    
    
    471,077
    
    
    
    435,473OTHER ASSETSGoodwill
    
    
    100,315
    
    
    
    100,315Deferred Taxes
    
    
    
    
    
    
    13,405Other Assets
    
    
    27,671
    
    
    
    34,534TOTAL OTHER ASSETS
    
    
    127,986
    
    
    
    148,254TOTAL ASSETS
    
    $
    930,433
    
    
    $
    901,301LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESCurrent Portion of Long-Term Debt
    
    $
    
    
    
    $
    Accounts Payable and Accrued Liabilities
    
    
    98,891
    
    
    
    101,903TOTAL CURRENT LIABILITIES
    
    
    98,891
    
    
    
    101,903LONG-TERM DEBT
    
    
    329,206
    
    
    
    329,368LONG-TERM DEFERRED TAXES
    
    
    48,982
    
    
    
    OTHER LIABILITIES
    
    
    16,244
    
    
    
    10,931STOCKHOLDERS EQUITY
    
    
    437,110
    
    
    
    459,099TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
    
    $
    930,433
    
    
    $
    901,301Current Ratio
    
    
    3.35
    
    
    
    3.12Total Long-Term Debt as a Percent of Capitalization
    
    
    43
    %
    
    
    42
    %Book Value Per Common Share
    
    $
    3.94
    
    
    $
    4.17




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PARKER DRILLING COMPANY AND SUBSIDIARIES
 Three Months EndedMarch 31
    
    
    December2007
    
    
    2006
    
    
    2006(Dollars in Thousands)DRILLING AND RENTAL REVENUESU.S. Offshore Drilling
    
    $
    55,152
    
    
    $
    40,253
    
    
    $
    50,830U.S. Land Drilling
    
    
    6,472
    
    
    
    
    
    
    
    5,098International Land Drilling
    
    
    51,875
    
    
    
    66,126
    
    
    
    49,146International Offshore Drilling
    
    
    7,799
    
    
    
    13,704
    
    
    
    9,663Rental Tools
    
    
    29,975
    
    
    
    27,251
    
    
    
    31,593Total Drilling and Rental Revenues
    
    
    151,273
    
    
    
    147,334
    
    
    
    146,330DRILLING AND RENTAL OPERATING EXPENSESU.S. Offshore Drilling
    
    
    22,136
    
    
    
    18,259
    
    
    
    22,696U.S. Land Drilling
    
    
    4,625
    
    
    
    
    
    
    
    2,889International Land Drilling
    
    
    40,694
    
    
    
    50,414
    
    
    
    41,909International Offshore Drilling
    
    
    5,089
    
    
    
    12,161
    
    
    
    7,696Rental Tools
    
    
    11,163
    
    
    
    10,470
    
    
    
    12,666Total Drilling and Rental Operating Expenses
    
    
    83,707
    
    
    
    91,304
    
    
    
    87,856DRILLING AND RENTAL OPERATING INCOMEU.S. Offshore Drilling
    
    
    33,016
    
    
    
    21,994
    
    
    
    28,134U.S. Land Drilling
    
    
    1,847
    
    
    
    
    
    
    
    2,209International Land Drilling
    
    
    11,181
    
    
    
    15,712
    
    
    
    7,237International Offshore Drilling
    
    
    2,710
    
    
    
    1,543
    
    
    
    1,967Rental Tools
    
    
    18,812
    
    
    
    16,781
    
    
    
    18,927Depreciation and Amortization
    
    
    (18,059
    )
    
    
    (16,957
    )
    
    
    (17,605
    )Total Drilling and Rental Operating Income
    
    
    49,507
    
    
    
    39,073
    
    
    
    40,869General and Administrative Expense
    
    
    (5,888
    )
    
    
    (5,702
    )
    
    
    (6,773
    )Gain on Disposition of Assets, Net
    
    
    16,404
    
    
    
    448
    
    
    
    672TOTAL OPERATING INCOME
    
    $
    60,023
    
    
    $
    33,819
    
    
    $
    34,768
 Marketable Rig Count Summary
As of March 31, 2007
 TotalU.S. Land Rigs
    
    
    4U.S. Gulf of Mexico Barge RigsWorkover
    
    
    3Intermediate
    
    
    4Deep
    
    
    10Total U.S. Gulf of Mexico Barge Rigs
    
    
    17International Land RigsAsia Pacific
    
    
    9Africa  Middle East
    
    
    2Latin America
    
    
    3CIS
    
    
    8Total International Land Rigs
    
    
    22International Barge RigsMexico
    
    
    1Caspian Sea
    
    
    1Total International Barge Rigs
    
    
    2Total Marketable Rigs
    
    
    45




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Three Months EndingMarch 31, 2007
    
    
    December 31, 2006
    
    
    September 30, 2006
    
    
    June 30, 2006
    
    
    March 31, 2006
    
    
    December 31, 2005
    
    
    September 30, 2005
    
    
    June 30, 2005
    
    
    March 31, 2005Income from Continuing Operations
    
    $
    29,994
    
    
    $
    37,168
    
    
    $
    18,639
    
    
    $
    13,761
    
    
    $
    11,458
    
    
    $
    56,707
    
    
    $
    18,073
    
    
    $
    20,194
    
    
    $
    3,838Adjustments:Income Tax Expense
    
    
    24,109
    
    
    
    (5,954
    )
    
    
    13,173
    
    
    
    14,694
    
    
    
    14,496
    
    
    
    (39,087
    )
    
    
    2,165
    
    
    
    3,486
    
    
    
    4,852Total Other Income and Expense
    
    
    5,920
    
    
    
    3,554
    
    
    
    8,741
    
    
    
    5,731
    
    
    
    7,865
    
    
    
    10,251
    
    
    
    9,627
    
    
    
    15,140
    
    
    
    9,877Gain on Disposition of Assets, Net
    
    
    (16,404
    )
    
    
    (672
    )
    
    
    (4,328
    )
    
    
    (2,125
    )
    
    
    (448
    )
    
    
    (3,185
    )
    
    
    (5,943
    )
    
    
    (15,898
    )
    
    
    (552
    )Depreciation and Amortization
    
    
    18,059
    
    
    
    17,605
    
    
    
    16,993
    
    
    
    17,715
    
    
    
    16,957
    
    
    
    16,619
    
    
    
    16,563
    
    
    
    17,146
    
    
    
    16,876Provision for Reduction in Carrying Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,584
    
    
    
    2,300
    
    
    
    
    
    
    
    Adjusted EBITDA
    
    $
    61,678
    
    
    $
    51,701
    
    
    $
    53,218
    
    
    $
    49,776
    
    
    $
    50,328
    
    
    $
    43,889
    
    
    $
    42,785
    
    
    $
    40,068
    
    
    $
    34,891