H&P Receive Commitments For Two New Platform Rigs

Helmerich & Payne, Inc. announced that it received commitments for two new self-moving platform rigs. Shell Exploration & Production Co. awarded H&P a contract to build and operate new Rig 205 for use on both fixed and tension leg platforms in the Gulf of Mexico. Further, BP signed a letter of intent to contract with H&P to build and operate new Rig 206 for BP's use on its Horn Mountain Spar in the Gulf of Mexico. H&P will invest a total of approximately $50MM in Rigs 205 and 206, and the new rigs should commence operations in spring 2002.

Hans Helmerich, President and CEO, commented, "These two projects bring our platform rig fleet to a total of 12, providing an important niche with further growth opportunities for the Company."