H&P Wins Additional New FlexRig Commitments

Helmerich & Payne report that separate three-year term contracts have been reached with four exploration and production companies to operate five new FlexRigs. Other terms and customer names were not disclosed. With these new term contracts, the Company has now committed to build a total of 59 new FlexRigs for 15 exploration and production companies since March 2005. Two of these 59 new builds have already commenced drilling operations.

Company President and C.E.O., Hans Helmerich commented, "We are encouraged by the sustained level of interest in our services and our ability to secure additional long term contracts with very favorable financial terms. We have also been very pleased with early FlexRig4 field performance results."

Helmerich & Payne, Inc. is a contract drilling company that owns 92 U.S. land rigs, 11 U.S. platform rigs located in the Gulf of Mexico, and 27 international rigs, for a total existing fleet of 130 rigs. Included in the total fleet of 130 rigs are 52 H&P-designed and operated FlexRigs.