RUSSIAN VENTURE ENDS PARKER RIG CONTRACT

White Nights Joint Enterprise is terminating its contract in western Siberia with Parker Drilling Co., Tulsa. The Russo-American partnership last week instructed Parker to suspend operations in West Varyegan and Tagrinsk oil fields and go to a reduced day rate, pending implementation of early termination provisions within 90 days. White Nights said the joint venture will rely solely on Russian rigs and crews to continue drilling in the two fields in response to changing monetary exchange rates.

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