SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 28, 2005
(February 2, 2005)
PARKER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-7573 73-0618660
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1401 Enclave Parkway, Suite 600
Houston, Texas 77077
(Address of principal executive offices, including zip code)
(281) 406-2000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On February 2, 2005, the Registrant's Compensation Committee, pursuant
to authorization from the Board of Directors, approved the annual base salaries
(effective as of such date) of the Registrant's named executive officers after
performing its review and analysis of the Chief Executive Officer's performance,
receiving input from the Chief Executive Officer regarding the performance of
the other named executive officers and receiving a report from an independent
compensation consultant that included a comparison of the compensation paid to
executive officers of the Registrant's peer group. The following table sets
forth the annual base salary levels of the named executive officers for the
years 2004 and 2005:
NAME AND POSITION YEAR BASE SALARY
Robert L. Parker, Jr. 2005 $550,000
President & Chief 2004 $522,500
Executive Officer
Robert L. Parker 2005 $474,000
Chairman of the Board 2004 $474,000
of Directors
James W. Whalen 2005 $282,000
Senior Vice President 2004 $270,000
& Chief Financial Officer
Denis Graham 2005 $235,000
Vice President 2004 $225,000
Of Engineering
Ronald C. Potter 2005 $218,000
Vice President & General Counsel 2004 $201,231
The cash compensation to be paid to the new director appointed by the
Board of Directors on February 2, 2005 is specified in Item 5.02 of the Form 8-K
filed on February 8, 2005.
The Registrant intends to provide additional information regarding the
compensation awarded to the Named Executive Officers in respect of the year
ended December 31, 2004, in the Registrant's proxy statement for the 2005 annual
meeting of stockholders, which is expected to
be filed with the Securities and Exchange Commission in March 2005.
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PARKER DRILLING COMPANY
Dated: February 28, 2005 By: /s/ JAMES W. WHALEN
-------------------------
James W. Whalen
Senior Vice President & CFO
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