Helmerich & Payne Sees No Significant Damage from Hurricane Rita
Helmerich & Payne does not expect any significant damage to its offshore platform rigs as a result of Hurricane Rita. Furthermore, the Company's onshore rigs, construction operations and facilities in the area impacted by the hurricane appear to have suffered little damage. Since Company personnel were evacuated from offshore platforms and other onshore areas in Rita's projected impact zone, no personal injuries were sustained.
Seven of the Company's 11 offshore platform rigs are on customers' platforms in the Gulf of Mexico, none of which appear to have been impacted by Rita's strongest winds. The remaining four platform rigs are currently stacked in Morgan City, Louisiana, one of which is contracted to begin operations in October. It will take several days for the Company to confirm its preliminary damage assessment. A subsequent announcement will be made should the Company find significant damage to its offshore fleet, or to any onshore rig or facility.
Earlier this month, the Company announced that H&P Rig 201 suffered significant damage as a result of Hurricane Katrina. In cooperation with its customer and insurer, the Company continues to assess the extent of damage to the rig. The remainder of the Company's offshore fleet was not significantly damaged by Hurricane Katrina. The Company does not expect that damages from Hurricane Katrina will have a material impact on its earnings.
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)