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Parker Drilling Co.

Parker Drilling Co.

Industry: 
Drilling, Energy
Symbol: 
NYSE:PKD
States: 
TX
Country: 
USA
Sources: 

In a 2008 correspondence with Parker Drilling Company, the SEC requested more details to be disclosed regarding their investments in Iran:

“We are aware of various news reports indicating that since 2003 you have been engaged in drilling wells at Korpeje in Turkmenistan, from where natural gas is exported by pipeline to Iran. Your Form 10-K does not include disclosure regarding any contacts with Iran, a country identified by the State Department as a state sponsor of terrorism, and subject to U.S. economic sanctions and export controls. Please describe to us the nature and extent of your past, current, and anticipated contacts with Iran, if any, whether through direct or indirect arrangements. Your response should describe in reasonable detail any components, equipment, technology, or other products or services you have provided into Iran, and any agreements, commercial arrangements, or other contacts you have had with the government of Iran or entities controlled by that government.” (UPLOAD for PARKER DRILLING CO DE, 7/8/2008)

Parker Drilling responded:

"Pursuant to a recent internal review, we (Parker Drilling Co.) have preliminarily identified certain shipments of equipment and supplies that were routed through Iran. In addition, we have engaged in drilling wells in the Korpedje Field in Turkmenistan, from where natural gas may be exported by pipeline to Iran. We are currently reviewing these shipments and drilling activities to determine whether the timing, nature and extent of such shipments or drilling activities may have given rise to violations of these laws and regulations." (10-Q for PARKER DRILLING CO DE, 8/11/2008)

"Yesterday, we disclosed in our Form 10-Q for the quarter ended June 30, 2008, which we timely filed with the Commission, that we are conducting an internal review relating to (a) certain shipments of equipment and supplies that were routed through Iran and (b) the drilling of wells in Korpeje Field in Turkmenistan, from where gas may be exported by pipeline to Iran. As described in our Form 10-Q, concurrent with the filing of our Form 10-Q we voluntarily disclosed the status of our current review of these matters to the Department of Treasury’s Office of Foreign Assets Control. This disclosure, which appears in three separate places in the Form 10-Q, is excerpted below." (CORRESP for PARKER DRILLING CO DE, 8/12/2008)

"Pursuant to an internal review, we have identified certain shipments of equipment and supplies that were routed through Iran as well as other activities that may have violated applicable U.S. laws and regulations. In addition, we have engaged in drilling wells in the Korpedje Field in Turkmenistan, from where natural gas may be exported by pipeline to Iran." (10-K for PARKER DRILLING CO DE, 3/3/2010)