DRILLING MARKET FOCUS: Companies report positive first-quarter 2007 results

Drillers and drilling service companies continue to build new land and offshore rigs, although yards are full and there is some softening in the North American land rig market. This picture emerged from analysts’ review of companies following conferences and quarterly reports.Operators and service companies spoke at the Independent Petroleum Association of America’s (IPAA) 11th annual Oil & Gas Investment Symposia (OGIS) in New York in April.Parker Drilling Co. Chairman, President, and CEO Robert Parker Jr. said the company’s revenue has been evenly split between domestic and international and that US revenue increased 49% in 2006 over the previous year. He expects i...

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