Helmerich & Payne, Inc. announced that the Company has entered into agreements to build and operate 12 additional FlexRigs. These rigs will be built under multi-year term contracts with eight exploration and production companies, and are scheduled to be completed and begin operations in the U.S. during fiscal 2012. The names of the customers and other terms were not disclosed. The Company does not expect these contracts to have a significant impact on its previously announced fiscal 2011 capital expenditures estimate.
President and CEO Hans Helmerich commented, "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 new builds, representing a 30 percent 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 U.S. continues to grow and our FlexRigs continue to lead the way."