H&P to build 12 more land rigs

By OGJ editors
HOUSTON, July 7
-- Helmerich & Payne Inc. said it will build and operate 12 FlexRigs under multiyear term contracts with eight unnamed exploration and production companies.

H&P expects to complete and begin operations with the rigs in the US during fiscal 2012.

Company Pres. and Chief Executive Officer Hans Helmerich said, "After a severe industry downturn in recent years, it is satisfying to report that since March 2010 we have now announced a total of 57 newbuilds, representing a 30% increase in the number of FlexRigs in our fleet. Given the increasing challenges and level of complexity related to drilling oil and gas wells today, demand for new and highly capable land rigs in the US continues to grow."

Since 2005, the company has committed to build 197 FlexRigs, all under multiyear term contracts. Including the 12 newbuilds, the company has 26 rigs under construction. It expects to complete the construction of the rigs at a rate of about 3 rigs/month.

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