Helmerich & Payne Suffers Minimal Damage from Ivan

Helmerich & Payne announced its assessment of damage incurred by Hurricane Ivan to its operations in the Gulf of Mexico. Although the Company reported no significant damage to 5 of its 6 active platform rigs, H&P Rig 205 sustained moderate damage from the hurricane. All employees were safely evacuated from all the Company's active rigs in advance of the storm and no personal injury occurred. No storm-related damage was reported to the Company's six stacked platform rigs.

Rig 205 is currently shut down while H&P personnel complete a more thorough evaluation of the damage. Initial estimates to repair the rig, plus the estimated reduction in earnings during that time, will have minimal impact on net income. It is anticipated that the rig will be ready to resume operations in about one month.