Helmerich & Payne Confirms FlexRig Commitments

Helmerich & Payne, Inc. has signed long-term contracts corresponding to previously announced letters of intent to operate seven new FlexRigs in Latin American locations for a large, publicly-traded company with headquarters in the U.S. As stated in the Company's press release dated January 31, 2008, these seven new international FlexRigs are scheduled to be completed and mobilized at the rate of one per month beginning in the fourth fiscal quarter of 2008.

Five of the seven new rigs are committed to operate under five-year term contracts and the remaining two under three-year term contracts. The name of the customer and other terms and conditions were not disclosed.