Mallard Drilling Announces Alliance with Texaco

Parker Drilling Company's Mallard Drilling subsidiary has entered into an alliance agreement for all of Texaco's domestic (South Louisiana) inland water drilling and workover requirements. Texaco is the largest water bottom leaseholder in South Louisiana's inland water bays and estuaries. Mallard is a diversified inland water drilling/workover contractor, based in New Iberia, La. The competitive bid award is for a term of one year with option. The Texaco-Mallard alliance will initially utilize two Mallard drilling barges, each for a planned one-year program. Additional drilling units will be introduced into the alliance as required. Mallard barges will also support Texaco's ongoing workover and completion program. Financial terms of the agreement were not disclosed.