Previous Statements by PKD
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» Parker Drilling's Management Reviews Delayed Completion of New Alaska Drilling Rigs and Increased Costs Result in Asset Impairment Charge (Transcript)
We’re located in around the world in really two groups, Eastern hemisphere and the Western hemisphere, Mexico, Columbia, Algeria, Kazakhstan and then the Asia-Pacific area. Then the technical services is our engineering group. The key behind the technical services is we provide our engineering expertise in building technical, very high-tech type rigs. Looking at those type of big projects where the oil company, our customer looks down the rig. It’s a big project, one of a kind type rig. And a rig typically that’s not one that Parker would own.We go and provide the technical expertise. We help manage the construction side of the project and then what we look toward in this business, is do the O&M and manage the drilling aspects of that rig. A little bit on just the strategic profile. You can see our three strategies there and really these three strategies that we build off our four pillars of what we say of been the best drilling service provider. And that safety, training, technology and performance. Safety obviously is very, very important. Very key to any drilling contractor, particularly important to Parker when you work around the world, you go out and bid on projects. If you don’t meet a very stringent safety requirements, you will not be allowed to bid on a project. As you can see, this is for a worldwide for all drillers, both onshore and offshore. The average is in red and as you can see from -- we consistently outperform the average and we run it below one on a TRIR rate, so this is the published rate by IADC. So as you notice in the last presentation, just focus on the US side and it was land drillers, but this is one that covers all drillers. Training, in order to be say one of the safest drilling providers, you obviously have to training. We have facilities both in New Iberia and we also have facility in Alaska. Technology talk a little bit about the technology side of the business already we put a lot of focus on the bigger, the higher tech and drilling in more difficult locations. The picture you see is the two Alaska rigs, obviously self and close because you work in the Arctic conditions and as you can tell from this, everything will be under a warm environment and while we are looking at it, we’ll talk a little more about the Alaska rigs when we come to that page.
The other key thing, this is very important for Parker. We looked very hard and track our performance, we look at what our operator, our customer goes out and looks at a well and tracks where they think the performance should be. We follow up with the actual result of how the drilling and how the performance curve for that drilling, that well and then we sit down with the customer after every well, sit there and walk through how well we performed, where we missed. And it is the lessons learned for us but also really show because we've outperformed. We’ve got lot with our rigs in like the Barge market where that's not a custom practice and we've upgraded our rigs to the part where we can prove that we are drilling at a much more efficient rate than when our competitors are.Read the rest of this transcript for free on seekingalpha.com