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Parker Drilling Co. Message Board

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  • NeighborFriendly NeighborFriendly Jun 18, 1999 2:58 PM Flag

    Take a hike -jvbum

    Does anyone know any more on the developement of
    this story? The people I've spoken with seem to think
    the two would make a good fit. Share something, will
    you. You can bet that NBR would be an eager party, now
    that the Bayard deal is done. Parker could be a
    willing participant, they've just been hanging and
    lagging behind the rest of the pact and their so called
    "peer group", for so long.

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    • Just a guess but I doubt NBR would go after PKD.
      Were they to do so, it would be unlikely (IMO)that it
      would be at a price much higher, if at all, than
      today's. Why? Because PKD's tangible book value is less
      than half of stated book value. The reason: PKD bought
      too many assets at the peak of the market. NBR loves
      to buy at the bottom of cycles and therefore would
      NOT pay PKD, today, what PKD paid for those assets.
      Essentially, I am saying that NBR is not interested in
      purchasing a bunch of goodwill.
      Would they purchase
      some or a lot of PKD's assets instead of the company?
      Sure but, at today's market price not via premium
      stock offer.

      • 2 Replies to kollmnh
      • for the right on analysis. Agree about the high
        price paid on Parker's part for the tools, Bolifor,
        etc. And too, most likely the field should look better
        before they (NBR) or whomever runs on to play, but at
        $3+, for roughly .750 billion in assets, it's not that
        bad of a deal even here, today. Don't you think the
        family part of it, the part that controls the strings
        and has had decades with this company is more
        reluctant to sell then NBR is unwilling to buy?

      • I agree with your post completely. That is not to
        say that NBR
        hasn't jumped at PKD twice, but what
        they would have offered would not have made me any
        money on my stock. NBR isn't approaching this in a
        foolish way, nor is PKD. T34 B

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