<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 December 31, 1999 and
the four months ended December 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>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
REPORTS ON AUDITS OF FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES
For the Year Ended December 31, 1999
and the Four Months Ended December 31, 1998
<PAGE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
INDEX
<S> <C>
Page
----
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
at December 31, 1999 and 1998 2
Statement of Changes in Net Assets Available
for Benefits for the Year Ended December 31, 1999
and the Four Months Ended December 31, 1998 3
Notes to Financial Statements 4
Supplemental Schedules:
Schedule H, Line 4i - Schedule of Assets Held for
Investment Purposes at End of Year 15
Item 27a - Schedule of Assets Held for
Investment Purposes at December 31, 1998 16
Schedule H, Line 4 j - Schedule of Reportable Transactions
for the Year Ended December 31, 1999 17
Item 27d - Schedule of Reportable Transactions
for the Four Months Ended December 31, 1998 18
Item 27f - Schedule of Prohibited Transactions
for the Four Months Ended December 31, 1998 19
</TABLE>
<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 December 31, 1999 and 1998, and the
related statements of changes in net assets available for benefits for the
year ended December 31, 1999 and the four months ended December 31, 1998, in
conformity with accounting principles generally accepted in the United States.
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 auditing
standards generally accepted in the United States. 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
June 22, 2000
<PAGE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
<CAPTION>
ASSETS December 31,
------ -----------------------------
1999 1998
------------ -------------
<S> <C> <C>
Investments (Note 2):
Common stock of Parker Drilling Company at
market value - 2,342,987 shares
(cost $12,642,010) and 1,602,143 shares
(cost $10,434,942) $ 7,470,591 $ 5,150,983
Other investments at market value 34,207,513 23,474,880
------------ ------------
Total investments 41,678,104 28,625,863
------------ ------------
Receivables:
Employer matching contribution 174,867 156,324
Employee salary reduction contribution 102,945 194,366
------------ ------------
Total receivables 277,812 350,690
------------ ------------
Total assets 41,955,916 28,976,553
------------ ------------
Net assets available for benefits $ 41,955,916 $ 28,976,553
------------ ------------
------------ ------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
<CAPTION>
For the For the
Year Ended Four Months Ended
December 31, December 31,
-------------- -----------------
1999 1998
-------------- -----------------
<S> <C> <C>
Contributions:
Employer $ 1,818,604 $ 668,376
Employee salary reduction 3,712,752 837,463
Rollover contribution 6,963,351 29,166
Interest and dividend income 2,246,395 1,785,676
Net appreciation in the fair
value of investments 3,798,427 397,328
Distributions (5,560,166) (422,467)
------------ ------------
Net increase 12,979,363 3,295,542
Net assets available for benefits
at beginning of year 28,976,553 25,681,011
------------ ------------
Net assets available for benefits
at end of year $ 41,955,916 $ 28,976,553
------------ ------------
------------ ------------
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 and subsidiaries (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.
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 - AMERICAN CENTURY PRIME MONEY
MARKET FUND - American Century Prime 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.
<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
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 - AMERICAN CENTURY 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.
STRATEGIC ASSET ALLOCATION -- CONSERVATIVE FUND, MODERATE FUND,
AGGRESSIVE FUND -- Strategic Allocation Funds seek a high level of
return by investing in diverse asset classes (stocks, bonds and money
market securities).
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.
<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
ELIGIBILITY - All employees of 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 three months of service with the Company, as amended from
completion one year of service with the Company effective January 1,
1999.
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 December 31, 1999 and 1998, but received distributions
subsequent to period end totaled $815,088 and $229,665, respectively.
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.
EMPLOYER'S CONTRIBUTION - MATCHING - The Company currently matches
participant contributions 100% up to 3% and 50% in excess of 3% up to
5%, as increased from 3% effective January 1, 1999. 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.
<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 - 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 December 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.
During the four months ended December 31, 1998, the Company made a
special discretionary contribution of $289,000. The Board of Directors
of the Company has not exercised its discretion to make a profit sharing
contribution for the year ended December 31, 1999.
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").
ROLLOVER CONTRIBUTION - Effective January 1, 1999, Hercules Offshore
Corporation 401 (k) Retirement Plan was merged into the Plan, which
resulted in approximately $6.9 million in rollover contributions being
deposited into the Plan.
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 the year ended December 31, 1999 and the four months ended
December 31, 1998, certain administrative costs and expenses of the Plan
were paid by the Company. These costs totaled $61,432 and $7,101 for
the year ended December 31, 1999 and for the four months ended December
31, 1998, 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 as of September 1, 1996 and all future
participants become 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
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.
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:
<TABLE>
<CAPTION>
For the Year Ended For the Four Months Ended
December 31, 1999 December 31, 1998
------------------------------ -------------------------------
Market Market
Value Cost Value Cost
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Parker Drilling Company
common stock $ 7,470,591<1> $ 12,642,010 $ 5,150,983<1> $ 10,434,942
------------ ------------ ------------ ------------
Other investments:
Twentieth Century Growth Investors 8,539,212<1> 6,687,212 5,630,275<1> 4,772,038
Twentieth Century Ultra Investors 5,645,656<1> 3,933,550 4,003,176<1> 3,571,450
American Century Prime Money
Market Fund 6,186,887<1> 6,186,887 4,485,582<1> 4,485,582
Benham GNMA Income Fund 1,783,838 1,851,734 1,386,639<1> 1,364,360
American Century Equity Index 5,716,405<1> 4,959,700 3,300,766<1> 2,140,490
Schwab Personal Choice Retirement
Investment Fund 1,510,196 1,510,196 1,057,631 1,057,631
American Century Strategic Conservative 40,814 39,561 - -
American Century Strategic Moderate 3,016,873<1> 2,603,099 2,659,634<1> 2,659,633
American Century Strategic Aggressive 153,341 127,523 - -
Participant loans 1,614,291 - 951,177 -
------------ ------------ ------------ ------------
Total other investments 34,207,513 27,899,462 23,474,880 20,051,184
------------ ------------ ------------ ------------
Total investments $ 41,678,104 $ 40,541,472 $ 28,625,863 $ 30,486,126
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</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 EVENTS
The market price of Parker Drilling Company common stock increased
from $3.19 per share at December 31, 1999 to $6 per share at June 22,
2000.
5. FORM 5500 RECONCILIATION
Amounts reported in the accompanying financial statements are different
than the amounts reported in the Plan's Forms 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:
December 31, 1999 $ - $ 815,088
December 31, 1998 $ - $ 229,665
Distributions to participants:
For the Year Ended December 31, 1999 $5,560,166 $6,145,589
For the Four Months Ended
December 31, 1998 $ 422,467 $ 385,963
</TABLE>
<PAGE>
<PAGE>
6. RISKS AND UNCERTAINTY
The Plan provides for various investment options in any combination of
money market, fixed income, and equity mutual funds. Investment
securities are exposed to various risks, such as interest rate, market
and credit. Due to the risk associated with certain investments, it is
at least reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes may
materially affect participants' account balances and the statement of
changes in net assets available for plan benefits.
7. PARTY-IN-INTEREST
Certain Plan investments are shares of Parker Drilling Company common
stock. These transactions represent investments in the Company and,
therefore, qualify as party-in-interest. The fair value of this
investment totaled $7,470,591 and $5,150,983 at December 31, 1999 and
1998, respectively.
<PAGE>
<PAGE>
PARKER DRILLING COMPANY
STOCK BONUS PLAN
NOTES TO FINANCIAL STATEMENTS
8. FUND ALLOCATION
<TABLE>
<CAPTION>
Common
Stock of
Parker
Drilling Participant
Company Direct Total
----------- ------------ -----------
<S> <C> <C> <C>
Net assets available for
benefits at December 31, 1998 $ 5,405,630 $23,570,923 $28,976,553
Contributions:
Employer 1,818,604 - 1,818,604
Employee salary reduction 583,038 3,129,715 3,712,753
Rollover contribution 21,979 6,941,372 6,963,351
Interest and dividend income 11,200 2,235,194 2,246,394
Net appreciation (depreciation) in
the fair value of investments (252,893) 4,051,320 3,798,427
Distributions to employees (611,093) (4,949,073) (5,560,166)
Interfund transfers 745,424 (745,424) -
----------- ----------- -----------
Net assets available for
benefits at December 31, 1999 $ 7,721,889 $34,234,027 $41,955,916
----------- ----------- -----------
----------- ----------- -----------
<CAPTION>
Common
Stock of
Parker
Drilling Participant
Company Directed Total
------------ -------------- -------------
<S> <C> <C> <C>
Net assets available for
benefits at August 31, 1998 $ 5,611,652 $20,069,359 $ 25,681,011
Contributions:
Employer 668,376 - 668,376
Employee salary reduction 169,458 668,005 837,463
Rollover contribution - 29,166 29,166
Interest and dividend income 488 1,785,188 1,785,676
Net appreciation (depreciation) in
the fair value of investments (1,412,358) 1,809,686 397,328
Distributions to employees (23,166) (399,301) (422,467)
Interfund transfers 391,180 (391,180) -
----------- ----------- ------------
Net assets available for
benefits at December 31, 1998 $ 5,405,630 $23,570,923 $ 28,976,553
----------- ----------- ------------
----------- ----------- ------------
</TABLE>
SUPPLEMENTAL SCHEDULES
<PAGE>
<PAGE>
<TABLE>
Schedule I
----------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27a - SCHEDULE OF ASSETS HELD
FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1999
Identity of Issue,
Borrower, Lessor, Description Interest Current
or Similar Party of Asset Rate Cost Value
--------------------- ------------------------ --------- ---- ------------
<S> <C> <C> <C> <C>
Various sources Participant loans 7 - 9.5% N/A $ 1,614,291
American Century Ultra - N/A 5,645,656
American Century Growth - N/A 8,539,212
American Century Strategic Allocation Conservative - N/A 40,814
American Century Strategic Allocation Moderate - N/A 3,016,873
American Century Strategic Allocation Aggressive - N/A 153,341
American Century Prime money market - N/A 6,186,887
American Century GNMA Ind Fd - N/A 1,783,838
American Century Equity Index - N/A 5,716,405
Parker Drilling Stock Stock - 12,642,010 7,470,591
Charles Schwab Schwab - N/A 1,510,196
-----------
$41,678,104
-----------
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Item 27a - SCHEDULE OF ASSETS HELD
FOR INVESTMENT PURPOSES
At December 31, 1998
Identity of Issue,
Borrower, Lessor, Description Interest Number Current
or Similar Party of Asset Rate of Units Cost Value
----------------------- -------------------- --------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Parker Drilling Company Common stock - 1,602,443 $ 10,434,942 $ 5,150,983
American Century Growth Fund - 207,800 4,772,038 5,630,275
American Century Ultra Fund - 119,820 3,571,450 4,003,176
American Century Strat Alloc Moderate - 428,282 2,659,633 2,659,634
Various Participant Loans 8.5-9.5% 951,177
American Century Equity Index - 112,693 2,140,490 3,300,766
Charles Schwab Schwab - 1,057,631 1,057,631 1,057,631
American Century Prime Money Market - 4,485,582 4,485,582 4,485,582
American Century GNMA Fund - 129,714 1,364,360 1,386,639
----------- -----------
$30,486,126 $28,625,863
----------- -----------
----------- -----------
</TABLE>
<PAGE>
<TABLE>
Schedule II
-----------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
SCHEDULE H, LINE 4J - SCHEDULE OF REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1999
Fair
Value
of Assets on Net Gain
Identity of Description Purchase Selling Cost of Transaction (Loss) on
Party of Assets Price Price Assets Date Sale
----------- ------------- ---------- ---------- ---------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C>
Series of Transactions
----------------------
Parker Drilling Parker Stock 4,446,381 - 4,446,381 $4,446,381 -
Company
Parker Drilling Parker Stock - $1,873,881 $2,281,146 $1,873,881 $ (407,265)
Company
</TABLE>
<PAGE>
<PAGE>
<TABLE> Schedule II
-----------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
For the Four Months Ended December 31, 1998
Fair
Value
of Assets on Net Gain
Identity of Description Purchase Selling Cost of Transaction (Loss) on
Party of Assets Price Price Assets Date Sale
------------- -------------- ---------- ---------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Series of Transactions
----------------------
American Growth Fund $1,292,210 $ - $1,292,210 $1,292,210 $ -
Century
American Growth Fund - 521,038 441,351 521,038 79,687
Century
American Strategic 2,659,633 - 2,659,633 2,659,633 -
Century Allocation -
Moderate
Parker Drilling Parker Stock 1,418,990 - 1,418,990 1,418,990 -
Company
Parker Drilling Parker Stock - 266,326 301,501 266,326 (35,175)
Company
American Prime Money 740,138 - 740,138 740,138 -
Century Market
American Prime Money - 769,929 - 769,929 -
Century Market
MAS Fund Multi-asset Class 345,327 - 345,327 345,327 -
MAS Fund Multi-asset Class - 2,774,845 2,771,936 2,774,845 2,909
</TABLE>
<PAGE>
<TABLE>
Schedule III
------------
PARKER DRILLING COMPANY
STOCK BONUS PLAN
<CAPTION>
Item 27f - SCHEDULE OF PROHIBITED TRANSACTIONS
For the Four Months Ended December 31, 1998
Identity of Party Involved Description of the Issue Amount
-------------------------- ------------------------ ------
<S> <C> <C>
Parker Drilling Company Parker Drilling Company $34,316
was in violation of the
DOL's regulation concern-
ing the timely remittance
of participant contributions
to the Plan.
Participants' accounts were $ 1,868
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>
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: July 12, 2000 By /s/ Phillip M. Burch
--------------------------------------
Phillip M. Burch
Chairman of the Committee,
Assistant Treasurer
