Helmerich & Payne, Inc. (HP), a provider of rig technologies and drilling solutions, and ADNOC Drilling Co. jointly announced Monday the finalization of the Rig Enablement Framework Agreement.
The companies said the agreement will advance ADNOC Drilling's land rig operational performance, as well as support its ambitious growth and expansion plans.
The companies had announced the Asset Purchase Agreement and IPO Cornerstone Agreement on September 8, further strengthening the strategic alliance between ADNOC Drilling and H&P.
John Lindsay, H&P's President and CEO said, "Our cornerstone investment in ADNOC Drilling's IPO supported the execution of our international growth strategy to allocate additional capital outside the U.S. and is a testament to our belief in what ADNOC Drilling and H&P can achieve together. The finalization of the Rig Enablement Framework Agreement now provides further opportunity to build on this strategic relationship and combine our capabilities to deliver exceptional operational performance."
As a Cornerstone Investor, H&P committed $100 million to the offer, subject to a three-year lock-up period.
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