Guarantee Agreement by Parker Drilling Company for Subsidiary Asset Sale Obligations to Saxon Entities

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Summary

Parker Drilling Company has entered into a guarantee agreement to ensure the obligations of its subsidiaries, including Parker Drilling Company of Oklahoma Incorporated and Parker Drilling Company International Limited, in connection with several asset purchase and sale agreements with Saxon Services entities in Peru and Panama. The guarantees cover the subsidiaries' commitments under these agreements, providing assurance to Saxon that Parker Drilling Company will fulfill the obligations if its subsidiaries cannot. The agreements were executed in May 2005 and June 2006.

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EX-10.5 2 h27530exv10w5.htm GUARANTEE AGREEMENT exv10w5  

Exhibit 10.5
Schedule of Substantially Identical Documents Omitted
The Guarantee of Parker Drilling Company guaranteeing the obligations of the Parker Drilling Company of Oklahoma Incorporated, Sucursal del Peru (“Parker OK”) in the Agreement for Purchase and Sale of Assets between Parker OK and Saxon Services del Peru, S.A. (“Saxon Peru”) dated May 6, 2005 (referenced as Exhibit 10.2 herein), was filed as Exhibit 10.5 to the Company’s 8-K filed May 12, 2005.
Parker Drilling Company also executed substantially similar guarantees on June 15, 2006, guaranteeing the obligations of the respective subsidiaries of Parker Drilling Company named as the offeror or vendor(s) in the following agreements:
  (a)   Irrevocable Commercial Offer for the Purchase and Sale of Assets from Parker Drilling Company International Limited (“PDCIL”), as offeror, to Saxon Services de Panama, S.A. (“Saxon Panama”) dated May 6, 2005 (referenced in Exhibit 10.1 herein),
 
  (b)   Agreement for Purchase and Sale of Assets (Rig 228) between Universal Rig Service Corp. and PDCIL, as vendors, and Saxon Peru dated May 6, 2005 (referenced in Exhibit 10.4 herein)