Parker Drilling Company announced that it has commenced a cash tender offer to purchase any and all of its outstanding 9.125% senior notes due 2018 and a related solicitation of consents from the holders of the notes. The offer will expire at 11:59 p.m., New York City time, on February 4, 2014. Holders of notes who validly tender, and do not validly withdraw their notes on or prior to 5:00 p.m., New York City time, on January 21, 2014 will receive the total consideration of $1,061.98 for each $1,000 principal amount of notes purchased in the tender offer.

This amount includes a consent payment of $30.00 per $1,000 principal amount of notes accepted for purchase. Holders who validly tender (and do not validly withdraw) notes after such time but before the expiration date will be eligible to receive $1,031.98 for each $1,000 principal amount of such notes accepted for purchase. Tendered notes may be validly withdrawn and consents may be revoked before 5:00 p.m., New York City time, on January 21, 2014 (unless extended) but not afterwards unless required by law.

In conjunction with the tender offer, the company is soliciting from holders of the notes consents to proposed amendments to the indenture governing the notes, which would eliminate most of the covenants and certain default provisions applicable to the notes. Adoption of the proposed amendments to the indenture requires the consent of the holders of a majority of the outstanding principal amount of notes. Each tendering holder will be deemed to have consented to the proposed amendments.

The tender offer is subject to the satisfaction or waiver of certain conditions including the completion of a capital markets transaction on terms and conditions satisfactory to the company, that provides net proceeds, together with cash on hand and borrowings under the company's credit facility, sufficient to pay the total consideration for all tendered notes and related fees and expenses. Subject to applicable law, the company may amend, extend or waive conditions to, or terminate, the tender offer. The company has retained BofA Merrill Lynch to act as sole dealer manager for the tender offer.