Helmerich & Payne Receives Commitment for 3 FlexRig3s

Helmerich & Payne, Inc. has been informed by one of its major customers that, due to new budget constraints, twelve H&P domestic land rigs will be released after the completion of their current contracts. The H&P rigs contracted by the customer consist of six FlexRig3s, three FlexRig2s, and three conventional land rigs. It is estimated that four rigs will be released within the next two weeks, five rigs within three to four weeks, and three rigs within seven to ten weeks. Since release notification, the Company has already obtained verbal contract commitments from other operators for work to begin immediately following the release of three of the FlexRig3s.

Helmerich & Payne President and CEO, Hans Helmerich commented, "Our FlexRigs have achieved activity rates in excess of 95% since their introduction. Given the recent increased level of bid activity and the schedule of rig release dates, we anticipate that the remaining FlexRigs and conventional rigs should have jobs by the completion of their current commitments."

Helmerich & Payne owns 75 U.S. land rigs, 12 U.S. platform rigs located in the Gulf of Mexico, and 33 rigs located in South America, or a total of 120 rigs. Of the 75 U.S. land rigs currently available, 35 are the H&P-designed FlexRig(TM). The Company is scheduled to complete the construction of an additional 8 FlexRigs to be put in service over the next five months.