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Parker Drilling says customer extends Sakhalin contract

May 27, 2016 3:27 PM ETParker Drilling Co. (PKDC) StockBy: Carl Surran, SA News Editor1 Comment
  • Parker Drilling (PKD -1.7%) its customer awarded an extension and additional rig to its operations and maintenance contract on Sakhalin Island in Russia.
  • The new contract extends through June 2019 and covers a newly constructed fourth customer-owned extended-reach drilling rig; the prior contract term was set to expire in Q3 2017.
  • PKD says it expects the extension and the new rig to add at least $180M in revenue backlog over the course of the contract.

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