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    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 10549 FORM 10-K/A-1 (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 1998 --------------- [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --------------- ---------------- Commission file number 1-7573 ------ PARKER DRILLING COMPANY (Exact name of registrant as specified in its charter) Delaware 73-0618660 - ------------------------------ ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) Parker Building, Eight East Third Street, Tulsa, Oklahoma 74103 ----------------------------------------------------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code (918) 585-8221 ----------------------------------------------------------------- Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on Common Stock, par value $.16 2/3 which registered: per share New York Stock Exchange, Inc. - -------------------------------- ----------------------------- (Title of class) Securities registered pursuant to section 12(g) of the Act: N/A ---------------------------------------------------------- (Title of class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] As of December 31, 1998, 76,886,806 common shares were outstanding, and the aggregate market value of the common shares (based upon the closing price of these shares on the New York Stock Exchange) held by nonaffiliates was $226.0 million. Documents Incorporated by Reference Part III, Items 10 through 13 Portions of the Company's definitive Proxy Statement in connection with its Annual Meeting to be held February 25, 1999. - ------------------------------------------------------------------------------- Exhibit 99 is an Additional Exhibit - Annual Report on Form 11-K with respect to the Parker Drilling Company Stock Bonus Plan and is being filed as an exhibit to the Company's Form 10-K for fiscal year ended August 31, 1998


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    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. PARKER DRILLING COMPANY ----------------------- (Registrant) Date: February 26, 1999 By: /s/ I. E. Hendrix ------------------------------------- I. E. Hendrix Vice President and Treasurer INDEX TO EXHIBITS Exhibit Number Description ------- ----------- 99 Annual Report on Form 11-K


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    Exhibit 99 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --------------- --------------- Commission file number 1-7573 ------------------------------------------ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: PARKER DRILLING COMPANY STOCK BONUS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: PARKER DRILLING COMPANY 8 East Third Street Tulsa, Oklahoma 74103 PARKER DRILLING COMPANY STOCK BONUS PLAN REPORTS ON AUDITS OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES For the Years Ended August 31, 1998 and 1997 <TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN <CAPTION> INDEX <S> <C>


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    Page ---- Report of Independent Accountants 2 Financial Statements: Statement of Net Assets Available for Benefits at August 31, 1998 and 1997 3 Statement of Changes in Net Assets Available for Benefits for the Years Ended August 31, 1998 and 1997 4 Notes to Financial Statements 5 <CAPTION> Schedules --------- <S> <C> <C> Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes at August 31, 1998 I 14 Item 27d - Schedule of Reportable Transactions for the Year Ended August 31, 1998 II 15 Item 27f - Schedule of Prohibited Transactions for the Year Ended August 31, 1998 III 16 </TABLE> REPORT OF INDEPENDENT ACCOUNTANTS To the Stock Bonus Plan Committee Parker Drilling Company Stock Bonus Plan In our opinion, the accompanying statement of net assets available for benefits of the Parker Drilling Company Stock Bonus Plan and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Parker Drilling Company Stock Bonus Plan at August 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan Administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of the Parker Drilling Company Stock Bonus Plan are presented for the purposes of complying with the Department of Labor's Rules & Regulations for Reporting and Disclosure under the Employee Retirement Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.


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    By: /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP December 9, 1998 <TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS <CAPTION> ASSETS ------ August 31, ---------------------------- 1998 1997 ------------ ------------ <S> <C> <C> Investments: Common stock of Parker Drilling Company at market value - 1,352,669 shares (cost $9,300,329) and 1,130,387 shares (cost $6,943,623) in 1997 $ 5,471,953 $ 14,913,697 Other investments at market value (Note 2) 19,937,451 18,312,632 ------------ ------------ Total investments 25,409,404 33,226,329 ------------ ------------ Receivables: Employer matching contribution 120,439 106,120 Employee salary reduction contribution 151,168 137,664 ------------ ------------ Total receivables 271,607 243,784 Total assets 25,681,011 33,470,113 ------------ ------------ Net assets available for benefits $ 25,681,011 $ 33,470,113 ------------ ------------ ------------ ------------ The accompanying notes are an integral part of these financial statements. </TABLE> <TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS <CAPTION> For the Years Ended August 31, ------------------------------- 1998 1997 ------------- ------------ <S> <C> <C> Contributions: Employer $ 1,181,819 $ 803,203 Employee salary reduction 2,869,320 2,558,164 Rollover contribution 113,454 1,513,884 Interest and dividend income 1,986,157 768,724 Net appreciation (depreciation) in the fair value of investments (12,075,880) 9,416,953 Distributions (1,863,972) (1,557,502)


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    ------------ ------------ Net increase (decrease) (7,789,102) 13,503,426 Net assets available for benefits at beginning of year 33,470,113 19,966,687 ------------ ------------ Net assets available for benefits at end of year $ 25,681,011 $ 33,470,113 ------------ ------------ ------------ ------------ The accompanying notes are an integral part of these financial statements. </TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS On September 1, 1980, Parker Drilling Company (the "Company") adopted the Parker Drilling Company Profit Sharing Plan. Effective September 1, 1985, the name of the plan was changed to the Parker Drilling Company Stock Bonus Plan (the "Plan"). GENERAL - The Plan is a voluntary defined contribution plan for the benefit of eligible employees of Parker Drilling Company and its participating affiliates (the "Company"). The Plan is intended to constitute a qualified profit sharing plan, and is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The following description of the Plan provides only general information. Participants should refer to the Summary Plan Description or the Plan document for a more complete description of the Plan's provisions. The following are the Plan's current investment funds. The Plan does not require collateral to support the financial instruments within the funds. All of these funds are available for participant investment elections. COMPANY STOCK INVESTMENT OPTION - PARKER DRILLING COMPANY STOCK - Contributions are invested in the Parker Drilling Company Stock Fund. The Trustee will acquire these shares either from Parker Drilling Company or other sources at the prevailing price on the New York Stock Exchange or in the open market. The number of shares acquired with employee contributions will be determined by the average price plus transaction cost of all shares acquired by the Trustee with participant contributions made during that payroll period. GROWTH EQUITY INVESTMENT OPTION - TWENTIETH CENTURY GROWTH INVESTORS - Growth Investors is an equity fund that seeks capital growth over time by investing in common stocks considered by the fund management to have better-than-average prospects for appreciation. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS, Continued AGGRESSIVE EQUITY INVESTMENT OPTION - TWENTIETH CENTURY ULTRA INVESTORS - Ultra Investors is an aggressive equity fund that seeks capital growth over time by investing in common stocks considered by the fund management to have a better-than-average prospect for appreciation. Its aggressive investment strategy tends to increase both its share price volatility and its growth potential over time. STABLE VALUE INVESTMENT OPTION - BENHAM PRIME MONEY MARKET FUND -


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    Benham Prime Money Market Fund seeks the highest level of current income consistent with preservation of capital. It buys high quality U.S. dollar-denominated money market instruments and other short-term obligations of banks, governments and corporations. It is designed to protect investors from variations in principal value while providing modest income. FIXED INCOME INVESTMENT OPTION - BENHAM GNMA INCOME FUND - Benham GNMA Income Fund seeks to provide a high level of current income consistent with safety of principal and investment liquidity by investing primarily in mortgage-backed Ginnie Mae certificates. BALANCED INVESTMENT OPTION - MAS FUNDS MULTI-ASSET CLASS PORTFOLIO - - MAS Funds Multi-Asset Class Portfolio seeks to achieve above average total return by investing in diverse asset classes (domestic stocks and bonds, international stocks and bonds, and high-yield bonds) relative to the appropriate benchmarks and returns of similarly managed funds. S&P INDEX INVESTMENT OPTION - BARCLAYS EQUITY INDEX - Equity Index seeks the long-term capital appreciation potential of large capitalization blue chip stocks while minimizing risk through broad diversification. The fund invests in Barclays Global Investors' Equity Index Fund E, a highly diversified portfolio of the stocks included in the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index). SCHWAB PERSONAL CHOICE RETIREMENT ACCOUNT INVESTMENT FUND - Participants have the option to transfer funds into a Schwab Money Market Account and to make investment decisions as to how they want Schwab to invest these funds. The participant must invest at least $1,000 and cannot invest more than 50% of the aggregate fair market value of their account on the trade date. No withdrawals or loans are funded by this account and fees and expenses for investments made by Schwab are charged to the participant's account. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS, Continued PARTICIPANT LOANS - Effective September 1, 1996, a loan feature was added to the Plan which allows participants to borrow up to 50% of their total vested account balance, subject to a minimum and maximum borrowing limit of $1,000 and $50,000, respectively. Loans to participants are made over a maximum period of 60 months or for any period not to exceed 120 months if the purpose of the loan is to acquire the Participant's principal residence. The interest rate is the prime rate plus one percentage point. ELIGIBILITY - All employees of Parker Drilling Company and subsidiaries (the "Company"), other than employees covered by certain collective bargaining agreements, leased employees and employees who are not citizens of the United States (except for certain resident aliens), are eligible to participate in the Plan following the completion of one year of service with the Company. ROLLOVER CONTRIBUTION - During 1997 and 1998, as a result of an acquisition, rollover contributions qualifying under Code Section 401(a)(31) were made to the Plan. BENEFITS - Unless a participant elects to defer payment of his or her benefits until a later date, the participant will receive a lump sum payment of his or her entire nonforfeitable interest in the Plan as soon as administratively feasible in which the later of the following events occurs: (a) The participant reaches normal retirement date, or (b) The participant terminates employment with the Company.


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    Benefits related to participants who elected to withdraw from the Plan prior to August 31, 1998, but received distributions subsequent to year end totaled $266,169. CONTRIBUTIONS - Salary reduction contributions and employer matching contributions are accrued in the period the Company makes payroll deductions from plan participants. Profit sharing contributions from the Company are accrued when authorized by the Board of Directors. All contributions are subject to the provisions of the Internal Revenue Code and are received in the month following the month in which they were authorized. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS, Continued EMPLOYER'S CONTRIBUTION - MATCHING - The Company currently matches participant contributions dollar for dollar up to 3% of his/her eligible earnings. Matching contributions are credited to participant accounts as of each valuation date and are invested in common stock of the Company. Valuation dates are as of the date contributions are received by the Trustee. EMPLOYER'S CONTRIBUTION - PROFIT SHARING CONTRIBUTIONS - The employer's contributions to the Plan are discretionary and are determined annually by the Board of Directors of the Company. At August 31st of each year, the employer's contributions are allocated to each active participant's account based on the ratio of the participant's compensation for the Plan year to the total of active participants' compensation for the Plan year. The Board of Directors of the Company has not exercised its discretion to make a profit sharing contribution for fiscal year 1998 and 1997. PARTICIPANTS' SALARY REDUCTION CONTRIBUTIONS - Eligible participants are not required to contribute to the Plan; however, they may elect to make voluntary contributions not to exceed 15 percent of their eligible earnings. Such voluntary contributions may be withdrawn from the Plan under hardship conditions approved by the Stock Bonus Plan Committee (the "Committee"). PLAN ASSETS - All Plan assets are maintained in a trust administered by Chase Manhattan Bank. The trustee has authority to invest trust funds, subject to the provisions of the trust agreement. PLAN INCOME - Plan income or losses are allocated to all participants in the ratio that each participant's account bears to the total of all participant accounts. During 1998 and 1997, certain administrative costs and expenses of the Plan were paid by Parker Drilling Company. These costs totaled $51,964 and $43,674 for the Plan years ended August 31, 1998 and 1997, respectively. VESTING - Participants are always 100% vested in the value of contributions they have made to their accounts and the related income, however, as of September 1, 1996, as a result of a plan amendment, all participants in the Plan became 100% vested for employer matching and profit sharing contributions and related income. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS


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    1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS, Continued FORFEITURES AND TERMINATIONS - The portion of a participant's matching and profit sharing account which is not vested will become a forfeiture in the year the terminated participant receives payment of the vested portion of their accounts. If the participant did not receive a distribution of the vested portion of his account, or if the participant was not vested, the nonvested portion of the participant's account will be forfeited after the participant has had a break of service of five years. The portion which was forfeited will be reinstated to the participant's account if he resumes employment before a break in service of five years and if he repays in one sum the amounts which were distributed to the participant since he terminated employment. If the participant is re-employed after a break in service of five years, the nonvested portion of the participant's account will not be reinstated and he will not be able to repay to the Plan the prior distribution. The forfeitures relating to the employer's matching and profit sharing portions not used to pay Plan expenses are allocated to the remaining participants in the same manner as the employer's contributions mentioned above. For the years ended August 31, 1998 and 1997, the amount of Company-matched forfeitures allocated to the remaining participants were $23,551 and $0, respectively. The amount of Company profit sharing forfeitures during fiscal 1998 was $11,752. Upon retirement, death or disability, participants become fully vested in the value of their accounts. AMENDMENT AND TERMINATION OF THE PLAN - The Plan can be amended or terminated by the Company at any time. In the event the employer elects to terminate the Plan, participants will become 100% vested in the value of their accounts. DISTRIBUTIONS - Employees may elect to receive distributions from the Plan in cash or Parker Drilling Company Stock with cash distributed for fractional shares. INVESTMENT VALUATION - Investments in mutual funds traded on a national securities exchange are valued at the closing sales price on the last business day of the period. Parker Drilling Company stock has been valued at the closing price on the last business day of the period according to the national securities exchange on which it is traded. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND SUMMARY OF OPERATIONS, Continued INVESTMENT TRANSACTIONS - Purchases and sales of securities are reported on a trade-date basis. Gains or losses on sales of investments are determined on the first-in, first-out basis. Dividend income is reported on the ex-dividend date. Interest income is recorded as earned. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, which consists of realized gains and losses and the unrealized appreciation (depreciation) on investments. ACCOUNTING ESTIMATES - The preparation of the Plan's financial statements in conformity with generally accepted accounting principles requires the Plan administrator to make significant estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those


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    estimates. PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 2. INVESTMENTS Plan investments are summarized as follows at August 31: <TABLE> <CAPTION> 1998 1997 ------------------------------ ------------------------------- Market Market Value Cost Value Cost ------------- ------------- ------------- ------------- <S> <C> <C> <C> <C> Parker Drilling Company common stock $ 5,471,953<1> $ 9,300,329 $ 14,913,697<1> $ 6,943,623 ------------ ------------ ------------ ------------ Other investments Twentieth Century Growth Investors 4,469,923<1> 3,921,180 4,479,251<1> 3,433,179 Twentieth Century Ultra Investors 2,868,730<1> 3,012,837 2,585,237<1> 2,209,954 Benham Prime Money Market Fund 4,515,373<1> 4,515,373 4,146,457<1> 4,146,457 Benham GNMA Income Fund 1,366,960 1,343,398 1,252,090 1,240,556 MAS Funds Multi-Asset Class Portfolio 2,308,379<1> 2,426,609 2,365,404<1> 2,170,658 Barclays Equity Index 2,534,724<1> 2,064,534 2,170,361<1> 1,726,480 Schwab Personal Choice Retirement Investment Fund 891,198 891,198 678,760 678,760 Participant loans 982,164 - 635,072 - ------------ ------------ ------------ ------------ Total other investments 19,937,451 18,175,129 18,312,632 15,606,044 ------------ ------------ ------------ ------------ Total investments $ 25,409,404 $ 27,475,458 $ 33,226,329 $ 22,549,667 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ </TABLE> [FN] <1> Individual investment represents more than 5% of Plan equity STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 3. TAX STATUS The Plan obtained its latest determination letter on October 29, 1996, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the plan administrator and the plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. The Plan is intended to be a qualified trust under Section 401(a) of the Internal Revenue Code and exempt from federal income taxes under the provisions of Section 501(a). The Plan has a cash and deferred arrangement intended to meet the requirements of Section 401(k). Amounts contributed by the Company or by Plan participants will not be taxed to the participant until the participant receives a distribution or withdraws from the Plan. 4. SUBSEQUENT EVENT Effective September 1, 1998, the Plan has changed their year end to December 31. The market price of Parker Drilling Company common stock decreased from $4.00 per share at August 31, 1998 to $3.44 per share at December 9, 1998. 5. FORM 5500 RECONCILIATION


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    Amounts reported in the accompanying financial statements are different than the amounts reported in the Plan's August 31, 1998 Form 5500 due to the DOL requirement to recognize accrued payables to participants as a liability: <TABLE> <CAPTION> Financial Form Statements 5500 ---------- ---------- <S> <C> <C> Benefits payable as of August 31, 1998 $ - $ 266,169 Distributions to participants for the Year Ended August 31, 1998 $1,863,972 $2,130,141 </TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 6. FUND ALLOCATION <TABLE> <CAPTION> Participant Directed -------------------------------------------------------------------- Common Benham Stock of Twentieth Twentieth Prime Benham Parker Century Century Money GNMA Drilling Growth Ultra Market Income Company Investors Investors Fund Fund ------------ ----------- ----------- ----------- ----------- <S> <C> <C> <C> <C> <C> Net assets available for benefits at August 31, 1997 $15,049,306 $ 4,506,774 $ 2,616,705 $ 4,160,174 $ 1,257,563 Contributions: Employer 1,181,819 - - - - Employee salary reduction 474,987 634,550 658,450 289,327 156,544 Interest and dividend income 2,636 702,838 584,497 210,414 83,803 Net appreciation (depreciation) in the fair value of investments (11,101,393) (227,000) (458,210) - 15,524 Distributions to employees (554,945) (416,505) (120,321) (554,999) (31,705) Interfund transfers 559,242 (667,115) (387,988) 421,460 (109,814) ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at August 31, 1998 $ 5,611,652 $ 4,533,542 $ 2,893,133 $ 4,526,376 $ 1,371,915 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- </TABLE> 6. FUND ALLOCATION, Continued PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS <TABLE> <CAPTION> Participant Directed -------------------------------------------------------------------- Schwab Personal MAS Choice Funds Retirement Multi-Asset Barclays Account Class Equity Investment Participant Portfolio Index Fund Loans Total


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    ------------ ----------- ---------- ----------- ----------- <S> <C> <C> <C> <C> <C> Net assets available for benefits at August 31, 1997 $ 2,377,755 $ 2,188,004 $ 678,760 $ 635,072 $ 33,470,113 Contributions: Employer - - - - 1,181,819 Employee salary reduction 316,859 452,057 - - 2,982,774 Interest and dividend income 328,395 177 - 73,397 1,986,157 Net appreciation (depreciation) in the fair value of investments (284,696) 199,539 (219,644) - (12,075,880) Distributions to employees (82,456) (67,226) - (35,815) (1,863,972) Interfund transfers (336,093) (221,284) 432,082 309,510 - ----------- ----------- --------- --------- ------------ Net assets available for benefits at August 31, 1998 $ 2,319,764 $ 2,551,267 $ 891,198 $ 982,164 $ 25,681,011 ----------- ----------- --------- --------- ------------ ----------- ----------- --------- --------- ------------ </TABLE> PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS 6. FUND ALLOCATION, CONTINUED <TABLE> <CAPTION> Participant Directed -------------------------------------------------------------------- Common Benham Stock of Twentieth Twentieth Prime Benham Parker Century Century Money GNMA Drilling Growth Ultra Market Income Company Investors Investors Fund Fund ------------ ----------- ---------- ----------- ----------- <S> <C> <C> <C> <C> <C> Net assets available for benefits at August 31, 1996 $ 8,088,024 $3,239,006 $1,495,324 $2,879,239 $1,023,713 Contributions: Employer 1,040,148 - - - - Employee salary reduction 541,789 706,204 800,198 450,169 318,963 Interest and dividend income 24,503 65,055 101,072 178,450 83,579 Net appreciation (depreciation) in the fair value of investments 7,002,400 1,147,917 488,173 - 29,487 Distributions to employees (534,815) (155,049) (33,985) (358,104) (267,008) Interfund transfers (1,112,743) (496,359) (234,077) 1,010,420 68,829 ----------- ----------- ---------- ---------- ---------- Net assets available for benefits at August 31, 1997 $15,049,306 $ 4,506,774 $2,616,705 $4,160,174 $1,257,563 ----------- ----------- ---------- ---------- ---------- ----------- ----------- ---------- ---------- ---------- </TABLE> 6. FUND ALLOCATION, CONTINUED PARKER DRILLING COMPANY STOCK BONUS PLAN NOTES TO FINANCIAL STATEMENTS <TABLE> <CAPTION> Participant Directed -------------------------------------------------------------------- Schwab Personal MAS Choice Funds Retirement Multi-Asset Barclays Account


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    Class Equity Investment Participant Portfolio Index Fund Loans Total ------------ ----------- ---------- ----------- ----------- <S> <C> <C> <C> <C> <C> Net assets available for benefits at August 31, 1996 $ 1,876,424 $1,364,957 $ - $ - $19,966,687 Contributions: Employer - - - - 1,040,148 Employee salary reduction 413,199 604,581 - - 3,835,103 Interest and dividend income 236,405 226 46,892 32,542 768,724 Net appreciation (depreciation) in the fair value of investments 219,311 529,665 - - 9,416,953 Distributions to employees (128,583) (39,290) - (40,668) (1,557,502) Interfund transfers (239,001) (272,135) 631,868 643,198 - ----------- ----------- ----------- ----------- ----------- Net assets available for benefits at August 31, 1997 $ 2,377,755 $2,188,004 $ 678,760 $ 635,072 $33,470,113 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- </TABLE> SUPPLEMENTAL SCHEDULES <TABLE> Schedule I ---------- PARKER DRILLING COMPANY STOCK BONUS PLAN <CAPTION> Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES August 31, 1998 Identity of Issue, Borrower Interest Number Current Lessor, or Similar Party Rate of Units Cost Value - --------------------------------- -------- ---------- ----------- ------------ <S> <C> <C> <C> <C> Common stock of Parker Drilling Company - 1,352,669 $ 9,300,329 $5,471,953 ----------- ---------- Other investments Twentieth Century Growth Investors - 176,677 3,921,180 4,469,923 Twentieth Century Ultra Investors - 103,006 3,012,837 2,868,730 Benham Prime Money Market Fund - 4,515,373 4,515,373 4,515,373 Benham GNMA Income Fund - 127,873 1,343,398 1,366,960 MAS Funds Multi-Asset Class Portfolio - 200,206 2,426,609 2,308,379 Barclays Equity Index - 111,613 2,064,534 2,534,724 Schwab Personal Choice Retirement


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    Account Investment Fund - 891,198 891,198 891,198 Participant Loans 8.5% - - 982,164 ----------- ----------- Total other investments 18,175,129 19,937,451 Total investments $27,475,458 $25,409,404 ----------- ----------- ----------- ----------- </TABLE> <TABLE> Schedule II ----------- PARKER DRILLING COMPANY STOCK BONUS PLAN <CAPTION> Item 27d - SCHEDULE OF REPORTABLE TRANSACTIONS For the Year Ended August 31, 1998 Fair Value Number of Assets on Net Gain of Identity of Description Purchase Selling Cost of Transaction (Loss) on Transactions Party of Assets Price Price Assets Date Sale - ------------ ------------- -------------- ---------- ---------- ---------- ------------- --------- <S> <C> <C> <C> <C> <C> 76 Benham Group Benham Prime Money Market Fund $ - $2,074,528 $ - $2,074,528 $ - 66 Benham Group Benham Prime Money Market Fund 2,232,758 - 2,232,758 2,232,758 - </TABLE> <TABLE> Schedule III ------------ PARKER DRILLING COMPANY STOCK BONUS PLAN <CAPTION> Item 27f - SCHEDULE OF PROHIBITED TRANSACTIONS For the Year Ended August 31, 1998 Identity of Party Involved Description of the Issue Amount - -------------------------- ------------------------ ------ <S> <C> <C> Parker Drilling Company Parker Drilling Company $41,171 was in violation of the DOL's regulation concern- ing the timely remittance of participant contributions to the Plan. Participants' accounts were $ 8,025 credited with the amount of investment income that could have been earned on the investment had the deposit been made on a timely basis.


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    </TABLE> SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act -------- of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereto duly authorized. PARKER DRILLING COMPANY STOCK BONUS PLAN DATE: February 26, 1999 By /s/ I. E. Hendrix -------------------------------------- I. E. Hendrix Chairman of the Committee, Treasurer & Vice President of the Company


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