Parker Drilling (NYSE: PKD) announces that Robert "Bobby" L. Parker Jr. will retire as an employee of the company, effective December 31, 2013. Mr. Parker will continue to serve as Chairman of the company's board of directors until the annual meeting of stockholders to be held in 2014, at which time Gary G. Rich, the company's chief executive officer, will be nominated to serve in that role and Mr. Parker will be nominated to stand for re-election to the board for an additional three-year term.
Mr. Parker's retirement culminates a long, successful and notable career, including 18 years as president and chief executive officer of Parker Drilling. During his tenure, Mr. Parker established the company as a respected trailblazer and leader in responsibly accessing remote and challenging frontiers in energy exploration and development. Under his guidance, the company was instrumental in creating innovative new technologies and operational procedures that advanced the drilling profession and continue to benefit the global oil and gas industry today.
A recognized champion of safety and environmental stewardship, Mr. Parker spearheaded the development of Parker Drilling's strong safety culture. Over the years, the company has repeatedly recorded Total Recordable Incident Rates well below the International Association of Drilling Contractors member average and continues to receive accolades and recognitions from its customers for its commitment to safe operations, environmental care, and performance excellence. Mr. Parker's focus on superior customer service positioned the company to help its customers achieve multiple drilling performance milestones, particularly on Sakhalin Island, Russia. His vision to offer additional integrated drilling services to the marketplace contributed to the acquisitions of Quail Rental Tools and Mallard Drilling, which formed the base for Parker's domestic Rental Tools and U.S. Drilling business segments. Each has consistently proven to be a high performing business unit in Parker's overall portfolio.
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