Parker Drilling 3Q profit fell 18.1 pct

HOUSTON - Parker Drilling Co. on Wednesday said its third-quarter profit fell 18.1 percent on a slowdown in the Gulf of Mexico barge rig market and accounting charges.

The company said it earned almost $18.6 million, or 16 cents per share, in the three months ended Sept. 30, down from almost $22.7 million, or 20 cents per share, during the same period last year. Revenue rose 32 percent to $227.5 million, from $172.2 million during the same period last year.

The company said it had 4 cents per share in one-time charges, including costs for a Department of Justice investigation into Parker's use of a customs agent in some countries.

Analysts surveyed by Thomson Reuters were expecting a profit of 22 cents per share on revenue of almost $232.6 million.

Parker Drilling said its rental tools business performed well and it benefited from higher rates and utilization in its international drilling operations. That was partially offset by a softer barge rig market in the Gulf of Mexico and what it called a modest impact of two Gulf of Mexico hurricanes.

Parker shares dropped 76 cents, or 13.4 percent, to $4.99 in morning trading Wednesday.

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