Helmerich & Payne, ADNOC Drilling Finalize Rig Enablement Framework Agreement

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ryanair Holdings Plc reported Monday a loss in its fiscal year 2022, narrower than last year, with strong growth in traffic and load factor. Looking ahead, the company said it expects to return to reasonable profitability in fiscal 2023. Shares of the low fares airline were losing around 4 percent in the morning trading in Germany. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS has issued a public health alert against Weis Markets' ready-to-eat or RTE General Tso Chicken meals due to misbranding and undeclared milk, a known allergen. The RTE General Tso Chicken meals were prepared, labeled and sold in the Deli area at Weis Markets stores between April 13 and May 11, 2022. Deutsche Telekom AG on Friday raised its fiscal 2022 adjusted earnings forecast after reporting significantly higher net profit in its first quarter. Shares of the German telecom major were gaining around 1 percent in the morning trading in Germany. For fiscal 2022, the company now expects to post adjusted EBITDA AL of more than 36.6 billion euros.
Follow RTT