Helmerich & Payne to build, operate three additional FlexRigs in the U.S. The company announced that it has entered into agreements to build and operate three additional FlexRigs in the U.S. with two exploration and production companies. The three rigs will be built under multi-year term contracts and are expected to generate attractive economic returns for the company. Including the new builds announced today, five contracted FlexRigs remain to be delivered. Once these rigs are delivered, the company's global fleet is expected to include 299 FlexRigs.
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Helmerich & Payne, Tesco estimates raised at FBR Capital FBR Capital raised its estimates for Helmerich & Payne (HP) and Tesco (TESO) citing recent strength of the Tier 1 land drilling market. FBR raised its price target for Helmerich shares to $107 from $98 and for Tesco to $27 from $22 while keeping Outperform ratings on both names.