Exploration & Production | Service & Supply | Oilfield Services
Helmerich & Payne Tapped to Supply Rigs for Vaca Muerta Drilling
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Helmerich & Payne, Inc. has entered into new drilling contracts with YPF Sociedad Anonima.
The Company plans to deploy ten existing FlexRigs from the U.S. to work in the Vaca Muerta play in the Neuquen Province in Argentina under five-year term contracts. The first rig is expected to commence drilling operations during the Company's fourth quarter of fiscal 2014. The remaining nine rigs are expected to be sequentially deployed, reaching full utilization by the end of the second quarter of fiscal 2015. No other terms and conditions were disclosed.
President John Lindsay commented, "We are pleased to announce a growing presence in one of the most promising unconventional plays outside of the U.S. These contracts allow us the opportunity to continue our efforts to demonstrate the FlexRig value proposition in key markets around the world. We believe that our interests are well aligned with those of the customer, and look forward to working with YPF in the near future."
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