Helmerich deploys new South America rigs
Drilling contractor Helmerich & Payne (NYSE: HP) is deploying new rigs to South America, according to vice president and CFO Juan Pablo Tardio.
A 3,000hp rig is in transit to Colombia and expected to begin operations early in the fourth fiscal quarter, the executive said in a conference call.
He added that two of 10 rigs deploying to Argentina are due to begin operations before the end of the fiscal year.
The company currently has 17 active and five idle land rigs in South America.
Of the 17 active rigs in South America, eight are in Argentina, five in Ecuador and four in Colombia, while three units are idle in Colombia and one each in Argentina and Ecuador, he added
Helmerich expects international land segment total revenue days during the third fiscal quarter to be relatively flat and the average rig margin per day to decline approximately 5% compared to the second fiscal quarter of 2014.
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