Offshore staff
TULSA, Oklahoma -- Helmerich & Payne has signed 12 long-term contracts with two E&P companies to operate 12 new FlexRigs in the US. Most of the contracts have minimum term durations of three years, and the remainder have minimum term durations ranging from four to seven years.
The company also announced the $22-million acquisition of a small private firm, TerraVici Drilling Solutions, which is currently developing a patented rotary steerable system to enhance horizontal and directional drilling.
"The acquisition announced today is a small, early investment in developing technology for directional and horizontal drilling and is complementary to technology already introduced through our FlexRigs," says Hans Helmerich, company president and CEO. "This transaction fits well with our ongoing approach, which is based on the pursuit of innovations that safely enhance drilling productivity and reduce total well costs for our customers while allowing us to deliver attractive returns to our shareholders."
05/29/2008
