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.
Helmerich & Payne downgraded to Equal Weight at Stephens As previously reported, Stephens downgraded Helmerich & Payne to Equal Weight from Overweight citing the firm's outlook for reduced U.S. onshore spending. The firm said it remain convicted in H&P as a core holding, but that its "hard to get excited" about shares at these levels. Stephens lowered its price target on Helmerich & Payne to $74 from $79.