Parker Drilling Q3 2007 Earnings Call Transcript

  • download
  • Print
  • Recommend
  • 8

2007-11-07 11:14:44.0

Tags: Parker Drilling Co.

Question-and-Answer Session

Operator

Thank you, sir. (Operator Instructions). One moment, please, for our first question.

Our first question is from the line of Angie Sedita with Lehman Brothers. Please go ahead.

Angie Sedita - Lehman Brothers

Hi. Good morning, guys.

Bobby Parker

Good morning, Angie.

Angie Sedita - Lehman Brothers

First on the barges, one of your competitors actually decided to stack a barge to help support day rates in the market, and you mentioned some weakness or uneven utilization in the intermediate barges. What are your thoughts there on that market going into the fourth quarter, then going into the first quarter, potentially any desire to stack a rig?

Dave Mannon

Angie, this is Dave. Our deep barges are fully committed through the end of the year, and we actually have pretty good visibility going into next year, first quarter. We do plan on placing one of our rigs, Rig 51-B is going to go into the shipyard for about a 90-day program. And this was actually planned for midsummer of 2007, and we have already constructed the majority of our equipment to be placed on more of that rig. And so that's been pushed off just because that rig has had commitments to go to work.

As far as our intermediate barges, we have some idle time in the fourth quarter in between jobs, but we do have commitments for those rigs through the end of the year. And also if you look into 2008, we have a fairly good visibility for commitment. So, at this time, we don't plan on stacking any of our barge rigs.

Angie Sedita - Lehman Brothers

Okay, great. That's good color. And then, as far as a little bit of pressure you mentioned on day rate, is that fairly consistent across the classes?

Dave Mannon

It's fairly consistent. We've had a fairly meaningful pressure on both our intermediates and some of our deep barge rigs.

Angie Sedita - Lehman Brothers

Okay. And certainly a great quarter, very impressive quarter for Quail, and you've opened up the new locations. Would you expect Quail will still a tick up going into fourth quarter and going into 2008 or ultimately will hit another run rate?

Dave Mannon

Well, we talked about it in our second quarter conference call, about a 10% increase in our revenues associated with Quail. And so, the color that I would like to provide for Quail going forward is, we're looking at something little bit less than that, but we do see a meaningful uptick in our activity, especially in our Rocky Mountains, in our Texarkana, and some of our offshore or deep water programs as well.

 

BNET TalkbackShare your ideas and expertise on this topic

Please add your comment:

  1. You are currently: a Guest |
  2.  

Basic HTML tags that work in comments are: bold (<b></b>), italic (<i></i>), underline (<u></u>), and hyperlink (<a href></a)

advertisement
advertisement
  • Click Here
  • Click Here
  • Click Here
advertisement