The drilling project includes two contracts: one Parker subsidiary will design and build the rig and transport it to Russia, and another will operate the rig after its arrival on Sakhalin Island. Construction of the rig is expected to be completed by mid-year this year.

Parker said the new Sakhalin rig is being designed exclusively for this project and will be the most sophisticated land drilling rig in the world. It will be designed and built to withstand earthquakes and operate in the frigid winters where ice covers the Sea of Okhotsk for six months of the year.

Parker Drilling Company is a Houston-based global energy company that specializes in offshore drilling and workover services in the Gulf of Mexico and international land and offshore drilling. Parker also owns Quail Tools, a provider of premium rental tools for oil and gas drilling. Parker Drilling has 79 marketed rigs and employs more than 3,600 people worldwide.