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Helmerich & Payne enters agreements with five exploration/production companies

The company announced that it has entered into agreements with five exploration and production companies to build and operate nine additional FlexRigs in the U.S. All of these rigs are under multi-year term contracts and expected to generate attractive economic returns for the company. This brings the total number of new build commitments announced in fiscal 2014 to 53 new FlexRigs. Given the additional new build contracts and other encouraging conversations with customers regarding new FlexRig deliveries in fiscal 2015, the company also announced that it plans to increase its FlexRig construction cadence from three to four rigs per month beginning in September of this year. The company's capital expenditures estimate for fiscal 2014 remains at $1.1B.