Parker Drilling announces extension of Sakhalin O&M contract and addition of a new O&M rig

Source: Parker Drilling Company

Parker Drilling Company announced that its customer awarded an extension and additional rig to its operations and maintenance (O&M) contract on Sakhalin Island, Russia.

Parker Drilling Company announced that its customer awarded an extension and additional rig to its operations and maintenance (O&M) contract on Sakhalin Island, Russia.

The prior contract term was set to expire in the third quarter of 2017 and covered operating and maintaining three customer-owned rigs in support of the Sakhalin-1 Project.

The O&M contract term now extends through June 2019 and also covers a newly constructed fourth customer-owned extended-reach drilling (ERD) rig.

The extension, inclusive of the additional new rig, is expected to add in excess of $180 million in revenue backlog over the course of the contract and brings the company's operations on Sakhalin Island to a total of five rigs, including one Parker-owned rig.

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