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.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.