Helmerich and Payne Inc
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Energy : Energy Equipment & Services | Small Cap Blend
Company profile

Helmerich & Payne, Inc. is a provider of drilling solutions with operations in the United States onshore oil and gas producing basins as well as South America and the Middle East. The Company's drilling operations consist of contracting Company-owned drilling equipment primarily to oil and gas exploration companies. The Company's drilling services operations are organized into three segments: North America Solutions, Offshore Gulf of Mexico, and International Solutions. The Company's North America Solutions operations are primarily located in Colorado, Louisiana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia and Wyoming. Its Offshore Gulf of Mexico operations are conducted in Louisiana and in the United States federal waters in the Gulf of Mexico. Its International Solutions operations has rigs primarily located in four international locations: Argentina, Bahrain, Colombia, and United Arab Emirates.

Postmarket

Last Trade
Delayed
$42.00
0.06 (0.14%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$41.94
Day's Change
-2.34 (-5.28%)
Bid
--
Ask
--
B/A Size
--
Day's High
42.28
Day's Low
40.37
Volume
(Above Average)
Volume:
815,977

10-day average volume:
735,445
815,977

Drillform enters manufacturing agreement with Helmerich & Payne International Drilling

9:24 am ET June 7, 2022 (Globe Newswire) Print

EQNX::TICKER_START EQNX::TICKER_END Drillform, a leading manufacturer of fully automated drilling equipment, announced today that it has successfully closed new funding and entered into a long-term exclusive manufacturing agreement with Helmerich & Payne International Drilling Co. ("H&P"), a subsidiary of Helmerich & Payne, Inc. (NYSE: HP)

The exclusive agreement provides a framework for Drillform to manufacture and supply automated floor wrenches to H&P's worldwide drilling fleet and for the companies to further collaborate in the development and marketing of other related technologies.

Patrick McDougall, Executive Chairman of Drillform Group of Companies, stated, "We are proud to align Drillform with one of the world's leading drilling solutions providers. We look forward to many years of working closely with H&P."

Chay Chinsethagid, H&P's Senior Vice President, Information Technology & Engineering, said, "We believe Drillform's automated floor wrench technology is an optimal fit for H&P both technically and operationally, and we are excited about the mutual benefits that will be derived from our investment in Drillform."

Ray Brown of PPHB served as financial advisor and John Bakht of Norton Rose Fulbright served as legal counsel, with their respective teams assisting in the creation and successful completion of these arrangements.

About Drillform

Drillform was founded in 2010 by a team of industry professionals to design, manufacture and service automated drilling equipment. With decades of equipment design and manufacturing experience, the team had previously built a market-leading, established brand of automated drilling equipment. In a competitive industry, dominated by large players, Drillform's design and customer service philosophy continues to focus on solutions that will exceed customer expectations. Drillform has facilities in Tulsa, Oklahoma, Odessa, Texas and Abu Dhabi, UAE.

Drillform contact:

Toby Austin, General Manager, Americas (toby.austin@drillform.com)

Andrew (Andy) Taplin, General Manager, MENA (andy.taplin@drillform.com)

Robert Holifield, Sales Team Leader (robert.holifield@drillform.com)

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (NYSE: HP) is committed to delivering industry-leading levels of drilling productivity and reliability. H&P strives to operate with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, see H&P online at www.helmerichpayne.com.

H&P Contact:

Dave Wilson, Vice President of Investor Relations

918-588-5190

Toby Austin
Drillform
toby.austin@drillform.com

Andrew (Andy) Taplin
Drillform
andy.taplin@drillform.com

Robert Holifield
Drillform
robert.holifield@drillform.com
comtex tracking

COMTEX_408329385/2010/2022-06-07T09:24:19

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