IPAA 2005 Oil & Gas Investment Symposium April 18, 2005

1. Robert L. Parker Jr – President & CEO David C. Mannon – Sr. VP & COO IPAA2005 Oil & Gas Investment SymposiumApril 18, 2005

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 materially 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, 2004. 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. 2

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

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 51 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, Asia Pacific and Mexico regions • International barge drilling focused in Caspian Sea, Mexico and Nigeria 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, South Texas, West Texas and Rocky Mtn. Regions 4

5. Business Strategies • Today: • Reduce debt an additional $65MM to achieve goal of $200MM debt reduction • Seek to increase utilization and dayrates • Manage costs / minimize capital expenditures • Tomorrow: • Pursue strategic growth opportunities 5

6. Recent Developments • January 2005 – Sold jackup rig 25 for $21.5 million • Proceeds used to call $25 million of 10.125% effective 2/7/05 • December 2004 –David C. Mannon appointed Chief Operating Officer • September 2004 – Issued $150 million Floater Notes • Proceeds used to pay off $70 million Term Loan and repurchase $80 million of 10.125% Notes 6

7. Parker Drilling Historical Debt Balances Significantly Reduce Debt • Goal: total debt reduction of $200 million from 12/31/02 balance • Asset sales, cash on hand, operating cash flows • Debt reduction of approximately $135 million completed 7

8. Utilization Trend 8 Note: Adjusted for new Marketable Rig Count

9. EBITDA Multiples As of April 11, 2005 * EBITDA multiples are used to quantify the premium value placed on a company’s stock. 9

10. Company Focus • Quality Management Systems • Processes • Internal Controls • Safety - for our people and the environment • Downtime – reduce through preventative maintenance program and fleet standardization • Utilization – increase through rationalization of our assets 10

11. Turkmenistan Geographic and Asset Diversification Russia Kazakhstan Sakhalin Island Quail Tools Gulf of Mexico Bangladesh China Mexico Kuwait Papua New Guinea Colombia Nigeria Indonesia Peru Chad New Zealand 11 LandBargeProject Management Labor Contract

12. Revenue and EBITDA Sources Revenues 2004 EBITDA 2004 Discontinued Ops 6% Discontinued Ops 8% Latin Am. 2% US Offshore 22% US Offshore 26% Asia Pacific 11% Latin Am. 9% Asia Pacific 11% Quail 16% CIS 30% Quail 29% CIS 26% Int’l Offshore 8% Int’l Offshore (4%) 12

13. Outlook • Debt reduction process is ongoing • Remain committed to reducing debt by $200 million • GOM market expected to improve • Slight increases in dayrates and utilization expected for 2005 • International markets expected to continue to improve • CIS experiencing increased activity; Parker’s presence growing • Asia-Pacific activity improving in selected markets • 8 Rigs contracted in Mexico for long-term work • Opportunities in North Africa and Middle East • Outlook for Quail Tools is positive • Continued improvement in GOM rental activity • Rocky Mountain location continues to grow 13

14. Increase Utilization • Utilization rates increased in 2004 and are expected to improve from current levels during 2005 • GOM barges currently operating at 74% utilization • Barge rig 72 has been relocated from Nigeria to GOM • Contract in Mexico significantly increased utilization of international land rig fleet. Full impact in 2005. • International barge rig utilization has increased recently: • Barge rig 257 in the Caspian Sea • Barge rigs 75 and 73 in Nigeria • 5-Year Strategic Growth Plan 14

15. Status of GOM Business Rig TypeUtilizationCurrent4Q043Q04 Deep Barges 9/9 $ 25,800 $ 22,700 $ 20,900 Interm. Barges 3/4 $ 19,800 $ 17,700 $ 16,100 Workover Barges 2/6 $ 12,700 $ 11,800 $ 12,300 14/19 = 74% Utilization 15

16. 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: Louisiana, South Texas, West Texas and Wyoming – also services Barnett Shale in North Texas • Tools rented Internationally – Mexico & Sakhalin Island 16

17. Quail Tools 17

18. 18

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

20. Near-Term Focus • Continue to manage costs • Minimize capital expenditures • Will be approximately $60 million in 2005 • Limit to maintenance and high return projects • Active preventive maintenance program • Continue to focus on Balance Sheet improvement • Begin to pursue prudent growth plan 20

21. Favorable Industry Outlook • The strength of oil and gas prices resulted in improvements to dayrates and utilizations in most of the Company’s drilling markets in 2004 • During 2003 E & P companies addressed a number of issues including debt reduction and lack of acceptable well prospects • Continued strength in commodity prices should support improving worldwide rig count. • E & P expenditures expected to increase in near future(1) • International E & P spending growth • 2005 estimate of 9% vs. 2004 actual of 11% • Domestic E & P spending growth • 2005 estimate of 14% vs. 2004 actual of 16% (1) Based on industry research 21