H&P To Build Twelve (12) New Land Rigs -- Bakken, North Dakota, USA

Link here.

The story has been out for several days, I just didn't have time to post. This is a very interesting story.

Helmerich & Payne has entered into agreements to build and operate 12 additional FlexRigs.

These rigs will be built under multi-year term contracts with eight exploration and production companies, and are scheduled to be completed and begin operations in the US during fiscal 2012.

President and CEO Hans Helmerich commented, "After a severe industry downturn in recent years, it is satisfying to report that since March 2010 we have now announced a total of 57 new builds, representing a 30 percent increase in the number of FlexRigs in our fleet. Given the increasing challenges and level of complexity related to drilling oil and gas wells today, demand for new and highly capable land rigs in the US continues to grow and our FlexRigs continue to lead the way."

Some of these rigs are already in the Bakken; I assume more are on their way.