The Company provides land and offshore contract drilling services and rental tools on a worldwide basis to major, independent and national oil and gas companies and integrated service providers.
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I'm starting to build a basket of oil service companies. They've been pretty well battered and I expect we aren't going back to the days of cheap energy. I'm being careful to focus on companies with relatively strong balance sheets that aren't apt to trip debt covenants if things continue slow for awhile. Parker is a small pure play on drilling. It also has a drilling equipment rental arm that is a profitable business. The company has been around since the 30's and still has a Parker as CEO. It understands the cyclical nature of its business. Debt load looks manageable and it is trading at less than half of book value. It should outperform the market.