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."