Parker Drilling to Sell 2 Barge Rigs

Parker Drilling to Sell 2 Barge Rigs

Offshore driller Parker Drilling Co. said Friday it will sell two Nigerian barge rigs and related assets to Shell Petroleum Development Corp. of Nigeria Ltd. for $46 million

The deal is expected to produce a one-time gain of between $2 million and $2.5 million for Parker Drilling. The company has already received a 10 percent deposit on the sale, which is expected close late in June.

Parker Drilling said it would use the proceeds to pay down debt. The deal will be accretive to earnings, as the company said its Nigerian operations’ cash flow was slightly above break-even in the first quarter.

Parker Drilling shares rose a penny to $7 in morning trading on the New York Stock Exchange.

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