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Parker Drilling Appoints Two New Board Members

Source: 5/1/2012, Location: North America

Parker Drilling announced the election of two new members to its board of directors, expanding the group's membership to ten. Jonathan M. Clarkson and Richard D. Paterson bring extensive energy sector and global financial and operations expertise to Parker. The board approved their election in March and both will serve on the board's audit committee.

Mr. Clarkson, age 62, recently retired from the Houston Region of Texas Capital Bank, a subsidiary of Texas Capital Bancshares, Inc. where he served as chairman, president and chief executive officer from 2003 to 2011. From 1999 to 2002 he served as president and chief financial officer of Bargo Energy Company and its successor company Mission Resources Corporation. Earlier in his career, Mr. Clarkson served as executive vice president and chief financial officer for Ocean Energy Corporation and its predecessor company, United Meridian Corporation. He also held several senior management positions at InterFirst Corporation and its subsidiary First National Bank in Dallas, Texas.

Mr. Clarkson currently serves on the Board of Memorial Production Partners LP, a domestic energy firm focused on the acquisition and exploitation of domestic oil and gas properties. He also serves on the Advisory Board of Rivington Capital Advisors, LLC, an independent investment banking firm specializing in private capital and mergers and acquisition transactions for the small and mid-cap energy sectors. Previously, Mr. Clarkson served on the board of Edge Petroleum Corporation where he chaired the audit committee and also served as a member of that board's compensation committee.

Mr. Paterson, age 61, retired from PriceWaterhouseCoopers LLP (PwC), an international network of auditors, tax and business consultants, in 2011 after 37 years of service. At the time of his retirement, Mr. Paterson served as the global leader of PwC's Consumer, Industrial Products and Services Practices comprising the automotive, consumer and retail, energy utilities and mining, industrial products, pharmaceutical and health industry sectors. These practices comprised roughly half of PwC's global revenues. Mr. Paterson also served as managing partner of PwC's Houston Office and U.S. Energy Practice. As part of this role, Mr. Paterson oversaw the audits of ExxonMobil Corporation from 2002 to 2006.

Previous to this position, Mr. Paterson lived in Moscow, Russia where he led PwC's Energy Practice for Europe, Middle East and Asia and also oversaw the audits processes of OAO Gazprom. Mr. Paterson joined PwC in 1974 and was admitted as a partner in 1987. Since his retirement, Mr. Paterson continues to provide consulting services to PwC firms and Partners internationally. He holds extensive knowledge of the energy industry and energy value chain and is a frequent speaker at the World Energy Congress and World Petroleum Congress. Mr. Paterson is a member of the National Association of Corporate Directors and serves on the board of Zaff Capital LLC, a private equity fund investing in emerging markets with a focus on the energy, infrastructure and real estate sectors. He is a past board member of the U.S./Russia Business Council and the U.S. Energy Association.

"We are very pleased to welcome both Jon and Rich to Parker's board," said Robert L. Parker Jr., chairman and interim president and chief executive officer. "These gentlemen bring significant global capital markets and governance expertise to Parker and both possess an impressive record of achievement in strategic financial planning and execution. Their energy sector insight, combined with their experience in leading public companies both at the board and executive management levels, will serve Parker well as we implement our business model to meet the needs of our stakeholders today and into the future."

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