Helmerich & Payne orders eight more land rigs

Helmerich & Payne Inc., Tulsa, reported Wednesday it has ordered four new land rigs and exercised an option to order four additional land rigs, bringing to 12 the number of rigs the company has ordered since March. The 12 new, highly mobile, 8,000-18,000 ft TD capacity, silicon-controlled rectifier electric rigs will use a design developed and tested by H&P over the past 2 years.


Helmerich & Payne Inc., Tulsa, reported Wednesday it has ordered four new land rigs and exercised an option to order four additional land rigs. The move signifies a continued strengthening in exploration and development activity.

Since March 2000, H&P has ordered 12 new land rigs worth about $90 million, the company said. The 12 new, highly mobile, 8,000-18,000 ft TD capacity, silicon-controlled rectifier electric rigs will use a design developed and tested by H&P over the past 2 years.

The first four rigs are expected to cost about $7.5 million each, and the last four, scheduled for delivery in fiscal year 2002, will cost about $8.25 million each. H&P expects the first new rigs to begin operations in H&P's first quarter of fiscal 2001; all should be operational by the middle of fiscal 2002. The company will use major equipment components from IRI International Inc. for all 12 rigs.

CEO Hans Helmerich said the orders underscore the company's longstanding commitment to deliver best value through safety, new technology, and best field performance.

"We have been encouraged by the strong reception and positive feedback from customers concerning the enhanced capabilities of this new rig design," he said. H&P engineering and field personnel tested the rig design innovations on six new land rigs H&P built during 1998-99.

H&P said the new rigs improved safety, reduced move times, and increased drilling productivity during the drilling of 132 wells. H&P currently operates 15 highly mobile land rigs in the US; all are under contract.

Through its contract drilling subsidiary, H&P operates 38 land rigs and 10 platform rigs in the US, and 40 land rigs in South America.

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