Parker Drilling Files for Bankruptcy Protection

December 12, 2018

© Namthip / Adobe Stock
© Namthip / Adobe Stock

Parker Drilling files for pre-arranged Chapter 11 reorganization

Oilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure.

The plan, which is subject to court approval, will reduce its funded debt by two-thirds and inject $95 million of equity capital through a backstopped rights offering, the company said. It expects to emerge from bankruptcy protection in early 2019.


(Reporting by Liz Hampton; Editing by Richard Chang)



Current News

Voser Steps in as Interim CEO at ABB

Voser Steps in as Interim CEO at ABB

Vattenfall Taps Seaway 7 for HKZ Installs

Vattenfall Taps Seaway 7 for HKZ Installs

Woodside Q1 Revenue Rises 4%

Woodside Q1 Revenue Rises 4%

Saipem Seeks Drilling Partners

Saipem Seeks Drilling Partners

Schlumberger Quarterly Profit Slides

Schlumberger Quarterly Profit Slides

Talakar Named CEO of Siemens Oil & Gas

Talakar Named CEO of Siemens Oil & Gas

Chrysaor to Buy ConocoPhillips’ UK Assets

Chrysaor to Buy ConocoPhillips’ UK Assets

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week