An affiliate of Saudi Arabia-based Abdullah Rasheed Al-Rushaid Co. plans to acquire the 50% interest held by Parker Drilling Co., Houston, (NYSE: PKD) in their Saudi Arabian joint venture, Al-Rushaid Parker Drilling Co. Ltd. for $2 million.

Each party has agreed to waive any claims that it may have against the other party. Parker anticipates this transaction will result in a reported net loss of approximately $1.5 million.

Parker chairman and chief executive Robert L. Parker Jr. says, "After a careful and thorough analysis, we concluded that this joint venture was not the best organizational structure for applying our project management expertise and disciplined processes; therefore, we ...

Related newspaper, magazine, and journal articles:

;

See all results. Or, try our Advanced Search.

We're searching over:

• 60 million articles
• 3,500 publications