Parker, whose father founded Parker Drilling, served as chairman between 1969 and 2006 and oversaw dramatic expansion of the company’s onshore, platform and specialty drilling services into places such as China, Russia and Kazakhstan.

"Our hearts are truly saddened today as we say goodbye to an incredible leader and friend," Parker chief executive Gary Rich said. "Mr Parker's keen business sense and passion for the drilling business set the foundation for more than 80 years of success for Parker Drilling and our stakeholders.”

Parker