<PAGE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
FORM 10-K/A-1
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended August 31, 1998
---------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------------- ----------------
Commission file number 1-7573
------
PARKER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
Delaware 73-0618660
- ------------------------------ ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Parker Building, Eight East Third Street, Tulsa, Oklahoma 74103
-----------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (918) 585-8221
-----------------------------------------------------------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Common Stock, par value $.16 2/3 which registered:
per share New York Stock Exchange, Inc.
- -------------------------------- -----------------------------
(Title of class)
Securities registered pursuant to section 12(g) of the Act:
N/A
----------------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
As of December 31, 1998, 76,886,806 common shares were outstanding, and
the aggregate market value of the common shares (based upon the closing price
of these shares on the New York Stock Exchange) held by nonaffiliates was
$226.0 million.
Documents Incorporated by Reference
Part III, Items 10 through 13 Portions of the Company's definitive Proxy
Statement in connection with its Annual
Meeting to be held February 25, 1999.
- -------------------------------------------------------------------------------
Exhibit 99 is an Additional Exhibit - Annual Report on Form 11-K with respect
to the Parker Drilling Company Stock Bonus Plan and is being filed as an
exhibit to the Company's Form 10-K for fiscal year ended August 31, 1998
pursuant to Rule 15d-21(b) of the Securities Exchange Act of 1934.<PAGE>
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
PARKER DRILLING COMPANY
-----------------------
(Registrant)
Date: February 26, 1999 By: /s/ I. E. Hendrix
-------------------------------------
I. E. Hendrix
Vice President and Treasurer
<PAGE>
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description
------- -----------
99 Annual Report on Form 11-K
<PAGE>
<PAGE>
<PAGE>
Exhibit 99
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended August 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------------- ---------------
Commission file number 1-7573
------------------------------------------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
PARKER DRILLING COMPANY STOCK BONUS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PARKER DRILLING COMPANY
8 East Third Street
Tulsa, Oklahoma 74103
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
REPORTS ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
For the Years Ended August 31, 1998 and 1997
<PAGE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
INDEX
<S> <C>
Page
----
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for Benefits
at August 31, 1998 and 1997 3
Statement of Changes in Net Assets Available
for Benefits for the Years Ended
August 31, 1998 and 1997 4
Notes to Financial Statements 5
<CAPTION>
Schedules
---------
<S> <C> <C>
Supplemental Schedules:
Item 27a - Schedule of Assets Held for
Investment Purposes at August 31, 1998 I 14
Item 27d - Schedule of Reportable Transactions
for the Year Ended August 31, 1998 II 15
Item 27f - Schedule of Prohibited Transactions
for the Year Ended August 31, 1998 III 16
</TABLE>
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Stock Bonus Plan Committee
Parker Drilling Company Stock Bonus Plan
In our opinion, the accompanying statement of net assets available for
benefits of the Parker Drilling Company Stock Bonus Plan and the related
statements of changes in net assets available for benefits present fairly, in
all material respects, the net assets available for benefits of the Parker
Drilling Company Stock Bonus Plan at August 31, 1998 and 1997, and the changes
in net assets available for benefits for the years then ended, in conformity
with generally accepted accounting principles. These financial statements are
the responsibility of the Plan Administrator. Our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of the
Parker Drilling Company Stock Bonus Plan are presented for the purposes of
complying with the Department of Labor's Rules & Regulations for Reporting and
Disclosure under the Employee Retirement Act of 1974 and are not a required
part of the basic financial statements. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
By: /s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
December 9, 1998
<PAGE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
<CAPTION>
ASSETS
------
August 31,
----------------------------
1998 1997
------------ ------------
<S> <C> <C>
Investments:
Common stock of Parker Drilling Company at
market value - 1,352,669 shares
(cost $9,300,329) and 1,130,387 shares
(cost $6,943,623) in 1997 $ 5,471,953 $ 14,913,697
Other investments at market value (Note 2) 19,937,451 18,312,632
------------ ------------
Total investments 25,409,404 33,226,329
------------ ------------
Receivables:
Employer matching contribution 120,439 106,120
Employee salary reduction contribution 151,168 137,664
------------ ------------
Total receivables 271,607 243,784
Total assets 25,681,011 33,470,113
------------ ------------
Net assets available for benefits $ 25,681,011 $ 33,470,113
------------ ------------
------------ ------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<CAPTION>
For the
Years Ended August 31,
-------------------------------
1998 1997
------------- ------------
<S> <C> <C>
Contributions:
Employer $ 1,181,819 $ 803,203
Employee salary reduction 2,869,320 2,558,164
Rollover contribution 113,454 1,513,884
Interest and dividend income 1,986,157 768,724
Net appreciation (depreciation) in the fair
value of investments (12,075,880) 9,416,953
Distributions (1,863,972) (1,557,502)
------------ ------------
Net increase (decrease) (7,789,102) 13,503,426
Net assets available for benefits at beginning
of year 33,470,113 19,966,687
------------ ------------
Net assets available for benefits at end of year $ 25,681,011 $ 33,470,113
------------ ------------
------------ ------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS
On September 1, 1980, Parker Drilling Company (the "Company") adopted the
Parker Drilling Company Profit Sharing Plan. Effective September 1, 1985,
the name of the plan was changed to the Parker Drilling Company Stock Bonus
Plan (the "Plan").
GENERAL - The Plan is a voluntary defined contribution plan for the benefit of
eligible employees of Parker Drilling Company and its participating affiliates
(the "Company"). The Plan is intended to constitute a qualified profit sharing
plan, and is subject to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The following description of the Plan provides
only general information. Participants should refer to the Summary Plan
Description or the Plan document for a more complete description of the Plan's
provisions.
The following are the Plan's current investment funds. The Plan does not
require collateral to support the financial instruments within the funds. All
of these funds are available for participant investment elections.
COMPANY STOCK INVESTMENT OPTION - PARKER DRILLING COMPANY STOCK -
Contributions are invested in the Parker Drilling Company Stock Fund.
The Trustee will acquire these shares either from Parker Drilling
Company or other sources at the prevailing price on the New York Stock
Exchange or in the open market. The number of shares acquired with
employee contributions will be determined by the average price plus
transaction cost of all shares acquired by the Trustee with participant
contributions made during that payroll period.
GROWTH EQUITY INVESTMENT OPTION - TWENTIETH CENTURY GROWTH
INVESTORS - Growth Investors is an equity fund that seeks capital growth
over time by investing in common stocks considered by the fund
management to have better-than-average prospects for appreciation.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS, Continued
AGGRESSIVE EQUITY INVESTMENT OPTION - TWENTIETH CENTURY ULTRA
INVESTORS - Ultra Investors is an aggressive equity fund that seeks
capital growth over time by investing in common stocks considered by the
fund management to have a better-than-average prospect for appreciation.
Its aggressive investment strategy tends to increase both its share
price volatility and its growth potential over time.
STABLE VALUE INVESTMENT OPTION - BENHAM PRIME MONEY MARKET FUND -
Benham Prime Money Market Fund seeks the highest level of current income
consistent with preservation of capital. It buys high quality U.S.
dollar-denominated money market instruments and other short-term
obligations of banks, governments and corporations. It is designed to
protect investors from variations in principal value while providing
modest income.
FIXED INCOME INVESTMENT OPTION - BENHAM GNMA INCOME FUND - Benham
GNMA Income Fund seeks to provide a high level of current income
consistent with safety of principal and investment liquidity by
investing primarily in mortgage-backed Ginnie Mae certificates.
BALANCED INVESTMENT OPTION - MAS FUNDS MULTI-ASSET CLASS PORTFOLIO
- - MAS Funds Multi-Asset Class Portfolio seeks to achieve above average
total return by investing in diverse asset classes (domestic stocks and
bonds, international stocks and bonds, and high-yield bonds) relative to
the appropriate benchmarks and returns of similarly managed funds.
S&P INDEX INVESTMENT OPTION - BARCLAYS EQUITY INDEX - Equity Index
seeks the long-term capital appreciation potential of large
capitalization blue chip stocks while minimizing risk through broad
diversification. The fund invests in Barclays Global Investors' Equity
Index Fund E, a highly diversified portfolio of the stocks included in
the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index).
SCHWAB PERSONAL CHOICE RETIREMENT ACCOUNT INVESTMENT FUND -
Participants have the option to transfer funds into a Schwab Money
Market Account and to make investment decisions as to how they want
Schwab to invest these funds. The participant must invest at least
$1,000 and cannot invest more than 50% of the aggregate fair market
value of their account on the trade date. No withdrawals or loans are
funded by this account and fees and expenses for investments made by
Schwab are charged to the participant's account.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS, Continued
PARTICIPANT LOANS - Effective September 1, 1996, a loan feature
was added to the Plan which allows participants to borrow up to 50% of
their total vested account balance, subject to a minimum and maximum
borrowing limit of $1,000 and $50,000, respectively. Loans to
participants are made over a maximum period of 60 months or for any
period not to exceed 120 months if the purpose of the loan is to acquire
the Participant's principal residence. The interest rate is the prime
rate plus one percentage point.
ELIGIBILITY - All employees of Parker Drilling Company and subsidiaries
(the "Company"), other than employees covered by certain collective
bargaining agreements, leased employees and employees who are not
citizens of the United States (except for certain resident aliens), are
eligible to participate in the Plan following the completion of one year
of service with the Company.
ROLLOVER CONTRIBUTION - During 1997 and 1998, as a result of an
acquisition, rollover contributions qualifying under Code Section
401(a)(31) were made to the Plan.
BENEFITS - Unless a participant elects to defer payment of his or her
benefits until a later date, the participant will receive a lump sum
payment of his or her entire nonforfeitable interest in the Plan as soon
as administratively feasible in which the later of the following events
occurs:
(a) The participant reaches normal retirement date, or
(b) The participant terminates employment with the Company.
Benefits related to participants who elected to withdraw from the
Plan prior to August 31, 1998, but received distributions subsequent to
year end totaled $266,169.
CONTRIBUTIONS - Salary reduction contributions and employer matching
contributions are accrued in the period the Company makes payroll
deductions from plan participants.
Profit sharing contributions from the Company are accrued when
authorized by the Board of Directors.
All contributions are subject to the provisions of the Internal
Revenue Code and are received in the month following the month in which
they were authorized.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS, Continued
EMPLOYER'S CONTRIBUTION - MATCHING - The Company currently matches
participant contributions dollar for dollar up to 3% of his/her eligible
earnings. Matching contributions are credited to participant accounts
as of each valuation date and are invested in common stock of the
Company. Valuation dates are as of the date contributions are received
by the Trustee.
EMPLOYER'S CONTRIBUTION - PROFIT SHARING CONTRIBUTIONS - The employer's
contributions to the Plan are discretionary and are determined annually
by the Board of Directors of the Company. At August 31st of each year,
the employer's contributions are allocated to each active participant's
account based on the ratio of the participant's compensation for the
Plan year to the total of active participants' compensation for the Plan
year.
The Board of Directors of the Company has not exercised its
discretion to make a profit sharing contribution for fiscal year 1998
and 1997.
PARTICIPANTS' SALARY REDUCTION CONTRIBUTIONS - Eligible participants are
not required to contribute to the Plan; however, they may elect to make
voluntary contributions not to exceed 15 percent of their eligible
earnings. Such voluntary contributions may be withdrawn from the Plan
under hardship conditions approved by the Stock Bonus Plan Committee
(the "Committee").
PLAN ASSETS - All Plan assets are maintained in a trust administered by
Chase Manhattan Bank. The trustee has authority to invest trust funds,
subject to the provisions of the trust agreement.
PLAN INCOME - Plan income or losses are allocated to all participants in
the ratio that each participant's account bears to the total of all
participant accounts.
During 1998 and 1997, certain administrative costs and expenses of
the Plan were paid by Parker Drilling Company. These costs totaled
$51,964 and $43,674 for the Plan years ended August 31, 1998 and 1997,
respectively.
VESTING - Participants are always 100% vested in the value of
contributions they have made to their accounts and the related income,
however, as of September 1, 1996, as a result of a plan amendment, all
participants in the Plan became 100% vested for employer matching and
profit sharing contributions and related income.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS, Continued
FORFEITURES AND TERMINATIONS - The portion of a participant's matching
and profit sharing account which is not vested will become a forfeiture
in the year the terminated participant receives payment of the vested
portion of their accounts. If the participant did not receive a
distribution of the vested portion of his account, or if the participant
was not vested, the nonvested portion of the participant's account will
be forfeited after the participant has had a break of service of five
years. The portion which was forfeited will be reinstated to the
participant's account if he resumes employment before a break in service
of five years and if he repays in one sum the amounts which were
distributed to the participant since he terminated employment. If the
participant is re-employed after a break in service of five years, the
nonvested portion of the participant's account will not be reinstated
and he will not be able to repay to the Plan the prior distribution.
The forfeitures relating to the employer's matching and profit
sharing portions not used to pay Plan expenses are allocated to the
remaining participants in the same manner as the employer's
contributions mentioned above. For the years ended August 31, 1998 and
1997, the amount of Company-matched forfeitures allocated to the
remaining participants were $23,551 and $0, respectively. The amount of
Company profit sharing forfeitures during fiscal 1998 was $11,752.
Upon retirement, death or disability, participants become fully
vested in the value of their accounts.
AMENDMENT AND TERMINATION OF THE PLAN - The Plan can be amended or
terminated by the Company at any time. In the event the employer elects
to terminate the Plan, participants will become 100% vested in the value
of their accounts.
DISTRIBUTIONS - Employees may elect to receive distributions from the
Plan in cash or Parker Drilling Company Stock with cash distributed for
fractional shares.
INVESTMENT VALUATION - Investments in mutual funds traded on a national
securities exchange are valued at the closing sales price on the last
business day of the period. Parker Drilling Company stock has been
valued at the closing price on the last business day of the period
according to the national securities exchange on which it is traded.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
AND SUMMARY OF OPERATIONS, Continued
INVESTMENT TRANSACTIONS - Purchases and sales of securities are reported
on a trade-date basis. Gains or losses on sales of investments are
determined on the first-in, first-out basis. Dividend income is
reported on the ex-dividend date. Interest income is recorded as
earned.
The Plan presents in the statement of changes in net assets
available for benefits the net appreciation (depreciation) in the fair
value of its investments, which consists of realized gains and losses
and the unrealized appreciation (depreciation) on investments.
ACCOUNTING ESTIMATES - The preparation of the Plan's financial
statements in conformity with generally accepted accounting principles
requires the Plan administrator to make significant estimates and
assumptions that affect the reported amounts of net assets available for
benefits at the date of the financial statements and the changes in net
assets available for benefits during the reporting period and, when
applicable, disclosures of contingent assets and liabilities at the date
of the financial statements. Actual results could differ from those
estimates.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
2. INVESTMENTS
Plan investments are summarized as follows at August 31:
<TABLE>
<CAPTION> 1998 1997
------------------------------ -------------------------------
Market Market
Value Cost Value Cost
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Parker Drilling Company
common stock $ 5,471,953<1> $ 9,300,329 $ 14,913,697<1> $ 6,943,623
------------ ------------ ------------ ------------
Other investments
Twentieth Century Growth Investors 4,469,923<1> 3,921,180 4,479,251<1> 3,433,179
Twentieth Century Ultra Investors 2,868,730<1> 3,012,837 2,585,237<1> 2,209,954
Benham Prime Money Market Fund 4,515,373<1> 4,515,373 4,146,457<1> 4,146,457
Benham GNMA Income Fund 1,366,960 1,343,398 1,252,090 1,240,556
MAS Funds Multi-Asset Class Portfolio 2,308,379<1> 2,426,609 2,365,404<1> 2,170,658
Barclays Equity Index 2,534,724<1> 2,064,534 2,170,361<1> 1,726,480
Schwab Personal Choice Retirement
Investment Fund 891,198 891,198 678,760 678,760
Participant loans 982,164 - 635,072 -
------------ ------------ ------------ ------------
Total other investments 19,937,451 18,175,129 18,312,632 15,606,044
------------ ------------ ------------ ------------
Total investments $ 25,409,404 $ 27,475,458 $ 33,226,329 $ 22,549,667
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
[FN]
<1> Individual investment represents more than 5% of Plan equity
<PAGE>
<PAGE> PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
3. TAX STATUS
The Plan obtained its latest determination letter on October 29,
1996, in which the Internal Revenue Service stated that the Plan, as
then designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has been amended since receiving the
determination letter. However, the plan administrator and the plan's
tax counsel believe that the Plan is currently designed and being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
The Plan is intended to be a qualified trust under Section 401(a)
of the Internal Revenue Code and exempt from federal income taxes under
the provisions of Section 501(a). The Plan has a cash and deferred
arrangement intended to meet the requirements of Section 401(k).
Amounts contributed by the Company or by Plan participants will not be
taxed to the participant until the participant receives a distribution
or withdraws from the Plan.
4. SUBSEQUENT EVENT
Effective September 1, 1998, the Plan has changed their year end
to December 31.
The market price of Parker Drilling Company common stock decreased
from $4.00 per share at August 31, 1998 to $3.44 per share at December
9, 1998.
5. FORM 5500 RECONCILIATION
Amounts reported in the accompanying financial statements are different
than the amounts reported in the Plan's August 31, 1998 Form 5500 due
to the DOL requirement to recognize accrued payables to participants as
a liability:
<TABLE>
<CAPTION>
Financial Form
Statements 5500
---------- ----------
<S> <C> <C>
Benefits payable as of
August 31, 1998 $ - $ 266,169
Distributions to participants
for the Year Ended
August 31, 1998 $1,863,972 $2,130,141
</TABLE>
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
6. FUND ALLOCATION
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------
Common Benham
Stock of Twentieth Twentieth Prime Benham
Parker Century Century Money GNMA
Drilling Growth Ultra Market Income
Company Investors Investors Fund Fund
------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net assets available for
benefits at August 31,
1997 $15,049,306 $ 4,506,774 $ 2,616,705 $ 4,160,174 $ 1,257,563
Contributions:
Employer 1,181,819 - - - -
Employee salary reduction 474,987 634,550 658,450 289,327 156,544
Interest and dividend
income 2,636 702,838 584,497 210,414 83,803
Net appreciation
(depreciation) in the
fair value of investments (11,101,393) (227,000) (458,210) - 15,524
Distributions to employees (554,945) (416,505) (120,321) (554,999) (31,705)
Interfund transfers 559,242 (667,115) (387,988) 421,460 (109,814)
----------- ----------- ----------- ----------- -----------
Net assets available for
benefits at August 31, 1998 $ 5,611,652 $ 4,533,542 $ 2,893,133 $ 4,526,376 $ 1,371,915
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
</TABLE>
<PAGE>
<PAGE>
6. FUND ALLOCATION, Continued
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------
Schwab
Personal
MAS Choice
Funds Retirement
Multi-Asset Barclays Account
Class Equity Investment Participant
Portfolio Index Fund Loans Total
------------ ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net assets available for
benefits at August 31,
1997 $ 2,377,755 $ 2,188,004 $ 678,760 $ 635,072 $ 33,470,113
Contributions:
Employer - - - - 1,181,819
Employee salary reduction 316,859 452,057 - - 2,982,774
Interest and dividend income 328,395 177 - 73,397 1,986,157
Net appreciation
(depreciation) in the
fair value of investments (284,696) 199,539 (219,644) - (12,075,880)
Distributions to employees (82,456) (67,226) - (35,815) (1,863,972)
Interfund transfers (336,093) (221,284) 432,082 309,510 -
----------- ----------- --------- --------- ------------
Net assets available for
benefits at August 31, 1998 $ 2,319,764 $ 2,551,267 $ 891,198 $ 982,164 $ 25,681,011
----------- ----------- --------- --------- ------------
----------- ----------- --------- --------- ------------
</TABLE>
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
6. FUND ALLOCATION, CONTINUED
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------
Common Benham
Stock of Twentieth Twentieth Prime Benham
Parker Century Century Money GNMA
Drilling Growth Ultra Market Income
Company Investors Investors Fund Fund
------------ ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net assets available for
benefits at August 31,
1996 $ 8,088,024 $3,239,006 $1,495,324 $2,879,239 $1,023,713
Contributions:
Employer 1,040,148 - - - -
Employee salary reduction 541,789 706,204 800,198 450,169 318,963
Interest and dividend
income 24,503 65,055 101,072 178,450 83,579
Net appreciation
(depreciation) in the
fair value of investments 7,002,400 1,147,917 488,173 - 29,487
Distributions to employees (534,815) (155,049) (33,985) (358,104) (267,008)
Interfund transfers (1,112,743) (496,359) (234,077) 1,010,420 68,829
----------- ----------- ---------- ---------- ----------
Net assets available for
benefits at August 31, 1997 $15,049,306 $ 4,506,774 $2,616,705 $4,160,174 $1,257,563
----------- ----------- ---------- ---------- ----------
----------- ----------- ---------- ---------- ----------
</TABLE>
<PAGE>
<PAGE>
6. FUND ALLOCATION, CONTINUED
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Participant Directed
--------------------------------------------------------------------
Schwab
Personal
MAS Choice
Funds Retirement
Multi-Asset Barclays Account
Class Equity Investment Participant
Portfolio Index Fund Loans Total
------------ ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net assets available for
benefits at August 31,
1996 $ 1,876,424 $1,364,957 $ - $ - $19,966,687
Contributions:
Employer - - - - 1,040,148
Employee salary reduction 413,199 604,581 - - 3,835,103
Interest and dividend
income 236,405 226 46,892 32,542 768,724
Net appreciation
(depreciation) in the
fair value of investments 219,311 529,665 - - 9,416,953
Distributions to employees (128,583) (39,290) - (40,668) (1,557,502)
Interfund transfers (239,001) (272,135) 631,868 643,198 -
----------- ----------- ----------- ----------- -----------
Net assets available for
benefits at August 31, 1997 $ 2,377,755 $2,188,004 $ 678,760 $ 635,072 $33,470,113
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
</TABLE>
<PAGE>
SUPPLEMENTAL SCHEDULES
<PAGE>
<PAGE>
<TABLE>
Schedule I
----------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27a - SCHEDULE OF ASSETS HELD
FOR INVESTMENT PURPOSES
August 31, 1998
Identity of Issue, Borrower Interest Number Current
Lessor, or Similar Party Rate of Units Cost Value
- --------------------------------- -------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Common stock of Parker
Drilling Company - 1,352,669 $ 9,300,329 $5,471,953
----------- ----------
Other investments
Twentieth Century Growth
Investors - 176,677 3,921,180 4,469,923
Twentieth Century Ultra Investors - 103,006 3,012,837 2,868,730
Benham Prime Money Market Fund - 4,515,373 4,515,373 4,515,373
Benham GNMA Income Fund - 127,873 1,343,398 1,366,960
MAS Funds Multi-Asset Class
Portfolio - 200,206 2,426,609 2,308,379
Barclays Equity Index - 111,613 2,064,534 2,534,724
Schwab Personal Choice Retirement
Account Investment Fund - 891,198 891,198 891,198
Participant Loans 8.5% - - 982,164
----------- -----------
Total other investments 18,175,129 19,937,451
Total investments $27,475,458 $25,409,404
----------- -----------
----------- -----------
</TABLE>
<PAGE>
<PAGE>
<TABLE>
Schedule II
-----------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
For the Year Ended August 31, 1998
Fair
Value
Number of Assets on Net Gain
of Identity of Description Purchase Selling Cost of Transaction (Loss) on
Transactions Party of Assets Price Price Assets Date Sale
- ------------ ------------- -------------- ---------- ---------- ---------- ------------- ---------
<S> <C> <C> <C> <C> <C>
76 Benham Group Benham Prime
Money Market
Fund $ - $2,074,528 $ - $2,074,528 $ -
66 Benham Group Benham Prime
Money Market
Fund 2,232,758 - 2,232,758 2,232,758 -
</TABLE>
<PAGE>
<PAGE>
<TABLE>
Schedule III
------------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27f - SCHEDULE OF PROHIBITED TRANSACTIONS
For the Year Ended August 31, 1998
Identity of Party Involved Description of the Issue Amount
- -------------------------- ------------------------ ------
<S> <C> <C>
Parker Drilling Company Parker Drilling Company $41,171
was in violation of the
DOL's regulation concern-
ing the timely remittance
of participant contributions
to the Plan.
Participants' accounts were $ 8,025
credited with the amount of
investment income that could
have been earned on the
investment had the deposit
been made on a timely basis.
</TABLE>
<PAGE>
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
--------
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereto duly authorized.
PARKER DRILLING COMPANY
STOCK BONUS PLAN
DATE: February 26, 1999 By /s/ I. E. Hendrix
--------------------------------------
I. E. Hendrix
Chairman of the Committee,
Treasurer & Vice President of the Company
