SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: June 10, 2003
HELMERICH & PAYNE, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-4221 73-0679879
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
Utica at Twenty-first Street, Tulsa, Oklahoma 74114
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(Address of principal executive offices) (Zip Code)
(918) 742-5531
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Page 1 of 2 Pages.
Item 5. Other Events and Regulation FD Disclosure.
On June 10, 2003, Helmerich & Payne, Inc. issued the following press release:
"H & P ANNOUNCES ADDITIONAL FLEXRIG(TM)* CONSTRUCTION
TULSA, OK., - Helmerich & Payne, Inc. announced today that the 25th FlexRig3
will be completed later this month, and that the Company's Board of Directors
has approved the construction of an additional seven FlexRig3s. Beginning in
July, the Company intends to complete one FlexRig3 every 30 to 45 days at an
average cost of approximately $10,750,000 per rig.
Helmerich & Payne President and CEO, Hans Helmerich, commented, 'Given the
tremendous acceptance of the FlexRig3 technology and the continued strengthening
of the U.S. land rig market, we are pleased to announce the extension of our
FlexRig3 construction project. The FlexRig3 program has exceeded our
expectations in many ways. Even in a soft market, each of the 25 new rigs has
experienced full utilization at premium dayrates. We have achieved cost
reductions in the program's assembly, start-up, and daily operations. Customers
have been pleased with the rig's ability to lower their overall project costs
with reduced drilling time and faster rig moves, all within an improved safety
environment. We are encouraged that as industry rig counts and dayrates
strengthen, our investors will see enhanced returns from our commitment to this
unique effort. Upon completion in the Spring of 2004, the Company will have
constructed a total of 50 FlexRigs since 1998.'
Helmerich & Payne, Inc. (HP/NYSE) is a contract drilling company that owns 82
U.S. land rigs, 12 U.S. platform rigs located in the Gulf of Mexico, and 31
international land rigs, or a total of 125 rigs. Of the 113 total land rigs
owned by the Company, 43 are H&P-designed FlexRigs.
The information disclosed herein includes forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Such forward-looking statements are subject to certain risks and uncertainties,
as disclosed by H&P from time to time in its filings with the Securities and
Exchange Commission. As a result of these factors, H&P's actual results may
differ materially from those indicated or implied by such forward-looking
statements.
* FlexRig(TM)hereinafter referred to as FlexRig"
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HELMERICH & PAYNE, INC.
(Registrant)
By: /S/ Douglas E. Fears
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Name: Douglas E. Fears
Title: Vice President
Dated: June 10, 2003
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