H&P Announces Contracts in Argentina

Tulsa-based Helmerich & Payne, Inc. confirmed this spring that the company has entered into new drilling contracts with Sociedad Anonima, according to reports. The company plans to deploy ten existing FlexRigs from the U.S. to work in the Vaca Muerta play in the Neuquen Province in Argentina under five-year term contracts. The first rig is expected to commence drilling operations during the company’s fourth quarter of fiscal 2014. The remaining nine rigs are expected to be sequentially deployed, reaching full utilization by the end of the second quarter of fiscal 2015. No other terms and conditions were disclosed.

President John Lindsay comments, “We are pleased to announce a growing presence in one of the most promising unconventional plays outside of the U.S. These contracts allow us the opportunity to continue our efforts to demonstrate the FlexRig value proposition in key markets around the world. We believe that our interests are well aligned with those of the customer, and look forward to working with in the near future.”

Helmerich & Payne, Inc. is primarily a contract drilling company. As of March 2014, it is reported that the company’s fleet included 319 land rigs in the U.S., 29 international land rigs and nine offshore platform rigs. Of the 319 U.S. land rigs, 275 are currently contracted; 22 of the 29 international land rigs are currently active, with nine rigs currently located in Argentina (of which eight are active). Once the deployment of the additional 10 (FlexRig3) rigs is completed, the company is expected to have a total of 19 rigs in Argentina. Eight offshore platform rigs are currently active in the Gulf of Mexico.

Updated 07-17-2014

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