Parker Drilling announces retirement of President and CEO Gary Rich

Parker Drilling has announced that Gary Rich has decided to retire from his roles as President, Chief Executive Officer and Director later this year. Mr Rich plans to remain in his current roles for an interim period to support a smooth transition. The board of directors will engage a search firm to conduct a comprehensive search for a permanent successor.

“Parker Drilling owes a tremendous debt of gratitude to Gary Rich, who oversaw a disciplined strategy to refocus the company and maintain a strong reputation for reliability, innovation and efficiency amid one of the most challenging markets in the company’s history,” Eugene Davis, Parker Drilling Chairman, said. “Gary led the company through the industry downturn and successfully worked closely with several stakeholders to put the company on the right path for the future.”

“It has been one of my greatest honors to work with the talented and hardworking team at Parker,” Mr Rich said. “Together we have offered some of the industry’s most innovative solutions and solved some of our clients’ toughest challenges, despite a difficult industry environment. I am proud of this work and look forward to watching what this great team can accomplish going forward.”

“We wish Gary well in his future endeavors, and thank him for leading the company over the past seven years and for assisting with the transition to new leadership,” Mr Davis said. “With a solid financial foundation, we look forward to pursuing opportunities for profitable growth while maintaining a strict focus on capital returns as we enter the next chapter in Parker’s history.”