1. IPAA 2004 Oil & Gas Investment Symposium April 19, 2004 Robert L. Parker Jr.James W. Whalen President and CEO Senior Vice President - CFO

2. 2 Forward Looking Statements The following presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Acts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, the outlook for rig utilization and dayrates, general industry conditions including bidding activity, future operating results of the Company’s rigs and rental tool operations, capital expenditures, asset sales, expansion and growth opportunities, financing activities, debt repayment and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those expressed or implied in the forward-looking statements. For a more detailed discussion of risk factors, please refer to the Company’s reports filed with the SEC, and in particular, the report on Form 10-K for the year ended December 31, 2003. Each forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.

3. 3 Investment Highlights Geographic and asset diversification Significant presence in core international markets High margin rental tool business Outstanding safety record Favorable industry outlook Experienced management team

4. 4 Parker Drilling Overview Leading worldwide provider of contract drilling and related services Among the most geographically diverse drilling contractors in the world – operated in 50 countries and U.S. since inception in 1934 Reputation for operational expertise and experience in drilling in unique and challenging environments Core operating areas include: International land drilling focused in CIS and Asia Pacific region International offshore drilling focused in Caspian Sea and Nigerian transition zones U.S. barge drilling in GOM Quail Tools provides premium rental tools for land and offshore drilling and workover activities High margin business serving major and independent producers in the GOM, West Texas and Rockies

5. 5 Non-Core Assets Non-core assets comprised of GOM jackups and platforms and Latin America rigs GOM jackups and platforms 6 shallow water jackups capable of drilling in 9 to 215 feet of water 4 platform rigs Latin America land rigs 16 rigs located in Colombia, Peru, Bolivia and Argentina Non-core assets written down to $145.6 million in 2003 Parker may sell other assets in addition to non-core assets

6. 6 Geographic and Asset Diversification Gulf of Mexico ColombiaColombia Peru Bolivia Nigeria Chad Kazakhstan Russia Sakhalin China Turkmenistan Kuwait Indonesia New Zealand Papua New Guinea Guinea Bangladesh Rig Key Land Platform Jackup Project Barge Management

7. 7 Status of GOM Business Jackup Rigs4/6$ 23,300$21,800$ 20,200 Deep Barges8/9*$ 20,300$18,500$ 18,400 Interm. Barges1/5$ 15,500 $14,400$ 14,000 Workover Barges3/7$11,100$10,400$ 10,700 Platform Rigs1/4$20,500$17,400 $ 13,300 17/31 = 55% Utilization * Rig 53B currently in shipyard preparing to move to Mexico Rig Type Utilization Current 4Q03 3Q03

8. 8 Revenues and Operating Income Sources 2003 Operating Income2003 Revenues Total = $385.9 million (includes Discontinued Operations) Total = $122.2 million (includes Discontinued Operations) US Offshore 18% US Offshore 16% Quail 14% Quail 26% Int’l Offshore 20% Int’l Offshore 19% CIS 21% CIS 24% Asia Pacific 8% Asia Pacific – 6% Discontinued Ops. - 19% Discontinued Ops - 9%

9. 9 High Margin Rental Tool Business Quail Tools provides premium rental tools for deep water and land drilling operations Consistent high margin business even during down cycles Significant contributor to Parker Drilling’s cash flow Four locations in Louisiana, South Texas, West Texas and Wyoming Quail Tools 12% U.S. Offshore 29% International Land 29% International Offshore 19% Project Mgmt. 11%

10. 10 Outstanding Safety Record Quail Tools 12% U.S. Offshore 29% International Land 29% International Offshore 19% Project Mgmt. 11% (1) TRIR = Recordable Incidents/100 Workers per Year Total Recordable Incidence Rate (1)

11. 11 Business Strategies Today: Significantly reduce debt and enhance liquidity Increase utilization of barge and land rigs Control costs / minimize capital expenditures Tomorrow: Pursue strategic growth opportunities

12. 12 Significantly Reduce Debt Goal: debt reduction of $200 million Asset sales, cash on hand, operating cash flow Term Loan provides additional flexibility Near-Term target: debt to capital ratio of 55-60%

13. 13 Increase Utilization Utilization rates have been at historically low levels Parker has restructured management and marketing infrastructure for its various operating segments Relocated personnel closer to customers’ key decision makers Each operating segment held accountable for its profitability Revised compensation structure

14. 14 Control Costs / Minimize Capex Continue ongoing cost reduction programs Below $20 million for 2003 G&A expense (compared to $24.7 million in 2002) Minimize capital expenditures Spent $35 million in 2003, well below budget of $50 million Budget of $50 million in 2004 Limit spending to maintenance and high return projects Active preventive maintenance program Only after balance sheet has been stabilized and operations are in order, pursue a prudent growth plan

15. 15 Favorable Industry Outlook Despite continued strength in oil and gas prices, day rates and utilizations in most of the Company’s drilling markets were at historically low levels in 2003 E&P companies addressing a number of issues including debt reduction and lack of acceptable well prospects E&P expenditures are expected to increase in 2004 Industry research projects 2004 expenditures to increase 4-10% Continued strength in commodity prices and increase in worldwide rig count should lead to rebound in the near-term

16. 16 Historical Commodity Prices Oil and gas prices continue to remain strong relative to historical levels Source: Bloomberg

17. 17 Historical Utilization Rates As seen by the utilization rates below, Parker’s sector of the drilling industry is in a down cycle 200020012002 2003 Transition Zone Rigs U.S. Barge Deep Drilling92%93%78% U.S. Barge Intermediate Drilling93%80%38%30% U.S. Barge Workover & Shallow Drilling44%53%32%31% International Barge Drilling97% 85% Offshore Rigs Jackup Rigs86%78%80%82% Platform Rigs53%47%9%18% Land Rig Data International Rigs35%49%42%32% 76%

18. 18 Parker GOM Utilization vs. Industry

19. 19 Historical Financial Performance Quail Tools 12% U.S. Offshore 29% International Land 29% International Offshore 19% Project Mgmt. 11% Revenues and Operating Income includes Discontinued Operations (1) Drilling & Rental Operating Income excludes Depreciation

20. 20 Outlook Asset sales process is ongoing Remain committed to reduce debt by $200 million GOM market should improve in 2004 Increase in utilization expected with a number of new contracts beginning by mid-January International markets expected to continue to improve CIS experiencing increased activity; Parker’s presence growing Asia-Pacific activity improving Opportunities in Middle East Outlook for Quail Tools is positive Recent improvements in GOM rental activity Rocky Mountain location continues to grow