Helmerich & Payne says nine more rigs suspended in Saudi Arabia

June 12, 2025 07:08 AM PDT | By EODHD

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Helmerich & Payne says nine more rigs suspended in Saudi Arabia — Image source: Kalkine Media

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[Pumpjack rig pumps oil in the desert at sunset. Dead land and sand, concept. Global warming, creative idea. Resources Energy of planet Earth.] Alones Creative/iStock via Getty Images Helmerich & Payne (NYSE:HP [https://seekingalpha.com/symbol/HP]) -0.9% in early trading Thursday after falling 4% in the previous session following disclosure that it received notices of contract suspensions [https://seekingalpha.com/filing/10087939] for an additional nine rigs in the legacy KCA Deutag rig fleet operating in Saudi Arabia, bringing the company's total rig suspensions in country to 26 rigs. "Although the unexpected softening in KCA Deutag acquisition's Saudi operations has presented short-term financial challenges, H&P continues to maintain its strong financial foundation," President and CEO John Lindsay said.

"Even with the slowdown in the Saudi market, we are beginning to capture synergies from this transaction and remain confident that our significant drilling presence in the world's most productive oil and gas region enhances the company's long-term position in the global market." Lindsay also said Helmerich & Payne's (NYSE:HP [https://seekingalpha.com/symbol/HP]) North America Solutions operations and other markets are performing in-line with previously stated guidance. MORE ON HELMERICH & PAYNE * Helmerich & Payne: Best-In-Class Driller Trading At Trough Multiples [https://seekingalpha.com/article/4791309-helmerich-and-payne-best-in-class-driller-trading-at-trough-multiples] * Helmerich & Payne: Transformative Acquisition Isn't Priced In [https://seekingalpha.com/article/4767119-helmerich-and-payne-transformative-acquisition-isnt-priced-in] * Seeking Alpha’s Quant Rating on Helmerich & Payne [https://seekingalpha.com/symbol/HP/ratings/quant-ratings]

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