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TheStreet Open House

Parker Drilling's Management Reviews Delayed Completion Of New Alaska Drilling Rigs And Increased Costs Result In Asset Impairment Charge (Transcript)

Parker Drilling Company ( PKD)

Special Call

January 17, 2012 10:00 am ET

Executives

Richard Bajenski – Director of Investor Relations

David C. Mannon President & Chief Executive Officer

W. Kirk Brassfield – Senior Vice President & Chief Financial Officer

Analyst

John Keller – Stephens Inc.

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the corporate announcement conference call. During today's presentation, all participants will be in a listen-only mode. Following the presentation, the conference will be open for questions. (Operator Instructions) Today's conference is being recorded January 17, 2012.

I would now like to turn the conference over to Richard Bajenski, Director of Investor Relations. Please go ahead sir.

Richard Bajenski

Thank you, Elisha. Good morning and thank you all on our audience for joining us today as we review our recent announcement concerning the delayed completion of Parker's new advanced design Arctic Alaska Drilling Units or AADUs, and the impairment of those rigs capital cost.

This is Richard Bajenski, Director of Investor Relations. Joining me today on this call are Bobby Parker, Executive Chairman, David Mannon, President and Chief Executive Officer, and Kirk Brassfield, Senior Vice President and Chief Financial Officer.

In the course of our comments today, we will make statements regarding management's expectations of future events and future performance that we believe will be informative and beneficial to our shareholders.

These statements are considered forward-looking statements within the meaning of the Securities Act. Each forward-looking statement speaks only as of the date of this call, and actual results may differ materially due to various factors we have referenced in our public filings and other factors addressed during this call, including changes affecting the ongoing construction and future deployment of our AADUs.

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