TULSA, Okla, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Helmerich & Payne, Inc. (NYSE:HP) announced it has formed a
new business entity, H&P Technologies, that will be used to drive development of advanced technologies and directional drilling
automation solutions, resulting in greater reliability and well performance.
John Lindsay, Helmerich & Payne, Inc.’s President and CEO, stated, “H&P’s longstanding focus on
leading-edge technology is an important part of our organization and will be even more critical in the future. Our new business
entity, H&P Technologies, will help meet the needs of the industry. As longer laterals are drilled, accurate well placement is
crucial in maximizing field economics. A key benefit of our performance-driven drilling services is the reduced positional
uncertainty in the directional drilling process and the fact that our technology can be used on any rig, regardless of the drilling
or service provider.”
As part of its ongoing commitment to digital innovation, the Company also announced it has acquired Angus
Jamieson Consulting (AJC), a software-based, training and consultancy company based in Inverness, Scotland.
Todd Benson, president of H&P Technologies, who came to H&P through the MOTIVE® Drilling Technologies,
Inc. acquisition last year, stated, “The combination of Magnetic Variation Services, LLC, (MagVAR) geomagnetic correction
capability, MOTIVE’s unique directional drilling technology and AJC’s software expertise creates a powerful platform that generates
a compelling value opportunity for E&P companies. H&P Technologies’ Value Driven Automation™ platform offers a unique and
desirable service that brings directional drilling accuracy to a new level in the oil and gas industry.”
AJC is widely recognized as an industry leader in wellbore positioning and provides software and in-depth
training for clients. The skills and talents of AJC will accelerate capabilities to deliver future, value-driven automation.
MOTIVE’s proprietary Bit Guidance System® is the industry leader in the use of cognitive computing to guide the
directional drilling process. This algorithm-driven system considers the total economic consequences of directional drilling
decisions and has proven to consistently lower drilling costs through more efficient drilling and increase hydrocarbon production
through smoother wellbores and more accurate well placement.
MagVAR’s comprehensive 3D geomagnetic reference modeling provides measurement while drilling (MWD) survey
corrections by identifying and quantifying MWD tool measurement errors in real-time, greatly improving directional drilling
performance and wellbore placement.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading drilling
productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior
results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates
high-performance drilling rigs in conventional and unconventional plays around the world. It also develops and implements advanced
automation, directional drilling and survey management technologies. For more information, visit www.hpinc.com.
Media Contact:
Mendi Head, Director of Communications
Helmerich & Payne, Inc.
918-588-2627
Mendi.head@hpinc.com
Investor Contact:
Dave Wilson, Director of Investor Relations
Helmerich & Payne, Inc.
918-588-5190
investor.relations@hpinc.com
