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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey Beckman who wrote (68214)	6/14/2000 1:18:00 PM
From: The Ox	Respond to of 95453

how about HP?<gg> Helmerich & Payne, Inc. Announces Total of Twelve New Land Rigs On Order TULSA, Okla.--(BUSINESS WIRE)--June 14, 2000--Helmerich & Payne, Inc. announced today that it had exercised its option to order four new land rigs and placed a further order for four additional new land rigs. The announcement represents a total of 12 new land rigs the Company has ordered since March 2000. The 12 new, highly mobile, 8-18,000' depth capacity, SCR electric rigs will use a rig design developed and tested by H&P over the past two years. The first four new rigs are expected to cost approximately $7.5 million each, and the last rigs scheduled for delivery in fiscal 2002 should cost approximately $8.25 million each. H&P expects the first new rigs to commence operations in H&P's first quarter of fiscal 2001, and all should be operational by mid-fiscal 2002. The Company will use major equipment components from IRI International, Inc. for all 12 rigs. Hans Helmerich, President and CEO, commented, "We have been encouraged by the strong reception and positive feedback from customers concerning the enhanced capabilities of this new rig design. Our order for 12 new land rigs underscores our longstanding commitment to deliver best value through safety, new technology and best field performance." H&P engineering and field personnel tested the rig design innovations on six new land rigs H&P built in 1998-1999. Those new rigs enabled H&P to improve safety, reduce move times and increase drilling productivity during the drilling of 132 wells. In addition to confirming the value of the six new rigs' high mobility, patented mud system and improved instrumentation, the rigs drilled a wide range of well types at depths from 7,800' to 18,150'. H&P currently operates 15 highly mobile land rigs in the U.S., and all are contracted. H&P's highly mobile rigs operated at over 95% activity during the past five years and earned the Company's best land rig margins in U.S. land operations. Helmerich & Payne, Inc. (NYSE:HP) is an energy-oriented company engaged in contract drilling and oil and gas exploration and production. Its contract drilling subsidiary operates 38 land rigs and 10 platform rigs in the U.S., and 40 land rigs in South America. The Company also holds substantial equity investments in several other publicly owned corporations. The information contained within this announcement is forward-looking and involves risks and uncertainties that could significantly impact expected results. A discussion of these risks and uncertainties is contained in the Company's Form 10-Q filed with the Securities and Exchange Commission on May 12, 2000. CONTACT: Helmerich & Payne, Inc., Tulsa Doug Fears, 918/748-5208