Self-moving platform rigs for Gulf of Mexico

Helmerich & Payne, Inc. announced today that it received commitments for two new self-moving platform rigs. Shell Exploration & Production Co. awarded H&P a contract to build and operate new Rig 205 for use on both fixed and tension leg platforms in the Gulf of Mexico. Further, BP signed a letter of intent to contract with H&P to build and operate new Rig 206 for BP’s use on its Horn Mountain Spar in the Gulf of Mexico. H&P will invest a total of approximately $50MM in Rigs 205 and 206, and the new rigs should commence operations in spring 2002.

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