Parker Drilling reported the departure of David C. Mannon, president, chief executive officer and director, to pursue other interests effective March 9, 2012.

The Company also announced that Robert L. (Bobby) Parker Jr., the Company's executive chairman and previous CEO, will resume the duties of president and chief executive officer and continue to serve as executive chairman while the Company continues its search for Mr. Mannon's permanent replacement.

"We are grateful to Dave for his service to Parker Drilling and the leadership he has demonstrated since joining the Company in 2004. Our organization has benefited enormously from Dave's operational and business expertise. On behalf of the Board, I wish Dave well in all his future endeavors," said Rob McKee, presiding director of the Board. "We are pleased that Bobby Parker has agreed to resume the duties of chief executive officer and president of the Company while we search for Dave's successor."

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