This compares to a net income of $3 million on revenues of $128.9 million for the third quarter of last year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were $30.8 million for the third quarter of 2002, compared to EBITDA of $46.7 million for the third quarter of 2001.

"While Gulf of Mexico dayrates for our deep barge and jackup drilling rigs improved slightly in the third quarter, utilisation of these rigs was near 100% throughout the third quarter, up significantly from the second quarter," Parker Drilling Company president and CEO, Robert Parker said.

"We anticipate increases in Gulf of Mexico activity in 2003, and, given the amount of customer interest, significant improvements in our international land rig utilisation next year."

The company has predicted revenues for the year will be between $390 and $400 million. EBITDA will be between $110 and $115 million, resulting in a loss of $40 million.