8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): October 6, 2003

                             PARKER DRILLING COMPANY
             (Exact name of registrant as specified in its charter)



          DELAWARE                    1-7573                73-0618660
(State or other jurisdiction        (Commission           (I.R.S. Employer
      of incorporation)             File Number)         Identification No.)


                         1401 Enclave Parkway, Suite 600
                              Houston, Texas 77077
          (Address of principal executive offices, including zip code)


                                 (281) 406-2000
              (Registrant's telephone number, including area code)



ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE

         On October 6, 2003, Parker Drilling Company issued a press release, a
copy of which is included herewith as Exhibit 99.1.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         The following material is furnished pursuant to Item 5 as an exhibit to
this Current Report on Form 8-K.

         (c)      Exhibits.

                  99.1     Press release of Parker Drilling Company issued
                           October 6, 2003


                                      -2-



                                S I G N A T U R E


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                      PARKER DRILLING COMPANY


Dated:  October 7, 2003               By:   /s/ ROBERT L. PARKER JR.
                                          -------------------------------------
                                          Robert L. Parker Jr.
                                          President and Chief Executive Officer


                                      -3-



                                  EXHIBIT INDEX


Exhibit
Number         Description
- ------         -----------

 99.1          Press release of Parker Drilling Company issued October 6, 2003


                                      -4-

EX-99.1

                                                                   EXHIBIT 99.1




PARKER DRILLING COMPANY ANNOUNCES SALE OF 9 5/8% SENIOR NOTES DUE 2013

         HOUSTON - October 6, 2003 - Parker Drilling Company (NYSE: PKD)
announced today that it has agreed to sell 9 5/8% senior notes due 2013 in a
previously announced private offering resulting in gross proceeds of $175
million. The senior notes will bear interest at a rate of 9 5/8% per annum and
will mature on October 1, 2013.

         The Company intends to use the net proceeds of the offering of the
senior notes, together with a portion of the borrowings of $50 million under a
previously announced proposed new senior secured credit facility, to fund a cash
tender offer and consent solicitation for any and all of the $214.2 million
outstanding principal amount of the Company's 9 3/4% senior notes due 2006. The
Company intends to use the remaining borrowings under the new credit facility to
redeem any of the 9 3/4% senior notes that remain outstanding after the
completion of the tender offer.

         Parker Drilling is a leading worldwide provider of contract drilling
and drilling related services. Parker Drilling also owns Quail Tools, a provider
of premium industry rental tools. Parker Drilling employs 2,800 people
worldwide.

         The securities to be offered have not been registered under the
Securities Act, or any state securities laws, and unless so registered, may not
be offered or sold in the United States except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws.

         This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offering would be
unlawful.

         Cautionary Statement Regarding Forward-Looking Statements: This press
release contains statements that are "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this press
release, other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions. These forward-looking statements
include the Company's intention to consummate the sale of the senior notes, the
Company's intention to enter into a new senior secured credit facility, the
Company's intended use of proceeds of the sale of senior notes and the new
credit facility and the anticipated terms of the credit facility. The closing of
the sale of the senior notes is subject to the Company entering into the new
senior secured credit facility and other customary conditions. There can be no
assurance that the Company will complete the sale of the senior notes or enter
into the new credit facility on the anticipated terms or at all. The Company's
ability to complete the sale of the senior notes and to enter into the new
credit facility will depend, among other things, on market conditions for debt
securities in general and the Company's debt securities in particular. In
addition, the Company's ability to complete the sale of the senior notes and to
enter into the new credit facility and the Company's business are subject to the
risks described in the Company's filings with the Securities and Exchange
Commission. The Company's annual, quarterly and special reports are available
over the Internet at the SEC's web site at http://www.sec.gov.