Parker 1Q profit falls 20 percent on soft rig market

Parker Drilling Co., an oil drilling contractor, said Tuesday its first-quarter profit tumbled 20 percent, blaming a softening of the U.S. barge rig market.

For the quarter ended March 31, Parker earned $23.9 million, or 21 cents per share, compared with $30 million, or 27 cents per share, for the same quarter in 2007.

Parker said the recent quarter's results included a one-time gain of 4 cents per share that included a $1.1 million loss from the company's Saudi Arabia partnership, a net tax benefit of $6.4 million and a valuation allowance on a net operating loss carryforward.

The year-ago period included a one-time gain of $6 million, or 5 cents per share, related to the sale of two barge rigs, the company said.

Total drilling and rental revenue rose 15 percent to $173.3 million from $151.3 million in the year-ago period.

Analysts polled by Thomson Financial expected a profit of 18 cents per share on $180.3 million in revenue.

Parker said higher dayrates and utilization in the company's international segment partially offset an expected softening of the U.S. barge rig market.

Parker shares fell 5 cents to $8.28 in morning trading.