Helmerich & Payne to Build 12 Additional FlexRigs

Helmerich & Payne has entered into agreements to build and operate 12 additional FlexRigs. These rigs will be built under multi-year term contracts with eight exploration and production companies, and are scheduled to be completed and begin operations in the U.S. during fiscal 2012. The names of the customers and other terms were not disclosed. The Company does not expect these contracts to have a significant impact on its previously announced fiscal 2011 capital expenditures estimate.

President and CEO Hans Helmerich commented, "After a severe industry downturn in recent years, it is satisfying to report that since March 2010 we have now announced a total of 57 new builds, representing a 30 percent increase in the number of FlexRigs in our fleet. Given the increasing challenges and level of complexity related to drilling oil and gas wells today, demand for new and highly capable land rigs in the U.S. continues to grow and our FlexRigs continue to lead the way."

Since 2005, the Company has now committed to build a total of 197 new FlexRigs, all under multi-year term contracts with attractive dayrates and economic returns. Including the 12 announced new builds, 26 remain under construction and are scheduled to be completed at the rate of approximately three FlexRigs per month. Upon completion of these commitments in fiscal 2012, the Company's global land fleet is expected to include a total of 247 FlexRigs, of which 236 are assigned to the U.S. land market.

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