H&P announces additional new FlexRig(R) commitments
  by: OilOnline
  Friday, July 07, 2006

Helmerich & Payne, Inc. will operate five new FlexRigs under three-year term contracts for one exploration and production company. Other terms were not disclosed. The Company has now committed to build a total of 66 new FlexRigs for 16 exploration and production companies since March 2005.

The Company also announced that it has reached an agreement to mobilize a new FlexRig3 to Tunisia for an undisclosed operator, while also entering into a three-year term contract for an existing FlexRig3 to work on its scheduled drilling program in the U.S. The Tunisia rig is expected to begin drilling operations in the first fiscal quarter of 2007.

Eleven of the 66 new FlexRigs have already been deployed to field operations, and additional new FlexRigs are expected to be completed at a pace of three to four per month. Consequently, the Company now expects that approximately 24 new FlexRigs should be completed during fiscal 2006.