Helmerich & Payne Announces More FlexRig Contracts
Helmerich & Payne reports that separate agreements have been reached with two exploration and production companies to operate a total of four FlexRig4s. The agreements each contain minimum terms of three years with an average rig construction cost of approximately $10.4 million each. Other terms and customer names were not disclosed.
Company President and CEO, Hans Helmerich commented, "We are pleased with
the strong level of customer response and the opportunity to provide four
additional FlexRig new-builds. Since March 2005, the Company has announced
separate agreements with six companies to construct and operate a total of 22
new FlexRigs, all under three-year contracts with attractive dayrates and
economic returns. H&P has established itself as the leader in providing new
drilling solutions that offer superior operating, safety and economic benefits
to exploration and production companies."
Manages 11 Offshore Rigs
- Walking Oil Rigs Spur Cheaper, Quicker Drilling in Supply Glut (Sep 01)
- Helmerich & Payne May Cut 2,000 Jobs As It Idles Rigs (Jan 29)
- Helmerich & Payne Welcomes New Board Member (Jun 12)