H&P clarifies Venezuela rig status

Helmerich & Payne denies that PDVSA or labor unions have seized any company rigs or other properties as was previously reported.

There has been no attempt by PDVSA or labor unions to seize company rigs or other property.

Of the nine H&P rigs that are active in Venezuela, operations on two rigs have been recently impacted by work stoppages initiated by a local labor union organisation.

It is not yet clear how long the labor unions will impede transportation of crews to the two rig locations.

Last week, Helmerich & Payne said it was ceasing operations on their rigs in Venezuela as their drilling contracts expire due to the lateness of accounts receivable collections from its customer, PDVSA.

Labor unions appear to be pleading for continuity of operations on all of the company's rigs in Venezuela.

The company will continue to work with PDVSA to resolve pending receivable collections and potentially resume operations under new contracts with rigs that are currently idle.

result of these factors, Helmerich & Payne, Inc.'s actual results may differ materially from those indicated or implied by such forward-looking statements.