Exhibit 99.2


                        Parker Drilling Company Announces
       Call for Redemption of $65 million of 10 1/8% Senior Notes due 2009
               and Closing of Sale of 9 5/8% Senior Notes Due 2013

      HOUSTON,  April 21, 2005 - Parker Drilling  Company (NYSE:  PKD) announced
today that it has called for  redemption  $65.0  million in aggregate  principal
amount of the  Company's 10 1/8% Senior Notes due 2009 at a redemption  price of
105.0625% of the principal amount thereof.  The redemption will close on May 21,
2005.

      The Company also  announced  that it has closed its  previously  announced
sale of an additional $50.0 million in aggregate  principal amount of its 9 5/8%
Senior  Notes  due 2013 at an  offering  price of 111% of the  principal  amount
thereof in a  previously  announced  private  offering  that  resulted  in gross
proceeds of $55.5 million.  The additional notes were issued under an Indenture,
dated as of October 10, 2003, under which $175.0 million in aggregate  principal
amount of notes of the same series were previously  issued. The Company will use
the net  proceeds  of the  offering,  together  with  cash on hand,  to fund the
redemption of the 10 1/8% Senior Notes due 2009.

      The securities have not been registered  under the Securities Act of 1933,
as amended (the  "Securities  Act"), or any state securities laws, and unless so
registered,  may not be offered or sold in the United States except  pursuant to
an  exemption  from,  or in a  transaction  not  subject  to,  the  registration
requirements of the Securities Act and applicable state securities laws.

      This  press  release  does  not   constitute  an  offer  to  sell  or  the
solicitation  of an offer to buy any security and shall not constitute an offer,
solicitation  or sale in any  jurisdiction  in  which  such  offering  would  be
unlawful.

      Parker Drilling is a Houston-based,  global energy company specializing in
offshore  drilling and workover services in the Gulf of Mexico and international
land and offshore  markets.  Parker also owns Quail Tools, a provider of premium
industry  rental  tools.  Parker  Drilling  has 56  marketed  rigs  and  employs
approximately 3,000 people worldwide.