Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 11, 2009, Lynn G. Cullom, Principal Accounting Officer and Corporate Controller of Parker Drilling Company (the "Company"), advised the Company that she will resign from the Company effective June 19, 2009. Ms. Cullom has served the Company in various positions for approximately five years, having first joined the Company in 2004.
The Company and Ms. Cullom have agreed to enter into a separation agreement that will provide Ms. Cullom with the payments and benefits that she would be entitled to receive under her existing employment agreement upon the termination of her employment by the Company. Accordingly, the separation agreement will provide that Ms. Cullom will receive, six months after the effective date of her resignation, a lump sum payment of approximately $274,471, which is equivalent to the highest annual base salary plus bonus paid to her during any of the three most recently completed calendar years. The Company will also agree to maintain Ms. Cullom's group health plan and group dental plan for a period of 12 months following the effective date of her resignation. Thereafter, Ms. Cullom will be entitled to elect continuation coverage under such plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), and the Company's procedures for COBRA administration.

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