Tulsa’s Helmerich & Payne revealed this week that it recently received notices of contract suspensions for two more rigs from the legacy KCA Deutag rig fleet operating in Saudia Arabia.
It brought the company’s total rig suspensions in country to 14 rigs. The notification came after H&P’s first fiscal quarter of 2025 earnings release was made in early February.
“While these incremental suspensions are disappointing, we do not expect them to have an incremental adverse material impact on the company’s financial position,” said President and CEO John Lindsay.
“As we have mentioned previously, we remain positive on the long-term strategic prospects of having a large-scale drilling presence in the region and are actively pursuing the cost synergies we discussed on the first fiscal quarter earnings conference call.”
It was in January of this year when H&P announced it had completed its $2 billion acquisition of KCA Deutag International Limited (“KCA Deutag”), establishing a global leader in onshore drilling.
Helmerich & Payne and its executive officers intend to take part in some investor conference this month.
Lindsay will participate in a panel discussion at the Piper Sandler 25h annual Energy Conference on Tuesday and Wednesday.
The company also intends to be a part of the the NYSE Energy & Utilities Virtual Investor Access Day on Thursday, March 20, 2025. In addition to Lindsay, Kevin Vann, Senior Vice President and Chief Financial Officer; and Dave Wilson, Vice President of Investor Relations plan to participate in the investor conferences.
