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TheStreet Open House

Parker Drilling's Management Presents At 2012 Barclays CEO Energy/Power Conference (Transcript)

Our look forward there, just so that you’re aware of our utilization here for a while. You can see where it’s continuing to be weak and we actually don’t forecast much of improvement, in fact we have to forecast continued weakening into the first quarter next year still be aware of that. We have a new team on marketing they’re charged with turning this issue around addressing this issue.

We’re seeing a record number of tenders coming right now, so we are optimistic on this turning around sometime during 2013 and just as a warning here in the near term that we’re seeing further weakening, but don’t think we’re not addressing the issue but we certainly are through our efforts and through our tenders that we receive and respond to.

Today’s talk is going to be a little different. Outside of international, I’m going to talk about primarily Alaska, our AADU rigs for BP, and the status of those, and then our rental tool starts, a rental tool company, where we are there with the U.S. land drilling business.

So we’ll start with Alaska. The AADU Prudhoe Bay rigs for BP, there is a picture of them right taken last Tuesday upon the slope, and showed you what status there or what they look like right now in our yard, these rigs are still in rig up, and I’m going to cover that.

First, I want to make sure people are aware of where we’re talking about, so we’re going to go to Alaska here with the slide, and talk about Prudhoe Bay, which is the northern of the slope there shown in the orange color. The pipeline runs right up through there, and these rigs are really targeted for the main Prudhoe Bay operation for the BP side of the field, ConocoPhillips operates the other side of the field, this is oil, this is planned long-term drilling, so these rigs will have a lot of drilling to do once they get in the field and start working.

Read the rest of this transcript for free on seekingalpha.com

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