The company said at the time there was a US$73.1 million abnormal charge associated with adopting new financial standards.

Parker said Gulf of Mexico activity was up slightly, resulting in an average fleet utilisation for the fourth quarter of 58 percent compared to 56 percent in the third quarter. Average utilisation of the Gulf of Mexico fleet today is 48 percent.

Average utilisation of the company's international land rigs was 31 percent in the fourth quarter compared to 37 percent for the third quarter. Average utilisation of international land rigs is currently 29 percent.

Despite current levels of utilisation and dayrates, Parker Drilling reaffirmed its previously released guidance for 2003 of a loss between $0.14 and $0.18 per share.