Helmerich & Payne

What Helmerich & Payne does

Helmerich & Payne (NYSE: HP) is a global contract drilling company headquartered in Tulsa, Oklahoma, founded in 1920 and operating the world's largest super-spec land drilling rig fleet. The company serves major oil and gas exploration and production companies, Super Majors, and national oil companies across North America, the Middle East, the Caspian Sea, Latin America, and Oceania through 262 rigs and approximately 18,000 employees in 30+ countries. Its core offering is the proprietary FlexRig fleet, complemented by the T-Series fleet and offshore drilling delivered through the Turan Drilling & Engineering joint venture with SOCAR AQS.

The technology stack is anchored by FlexRig configurations engineered for diverse well pad layouts, FlexRobotics automated drilling technology (deployed for a Super Major in the Permian Basin), FlexFusion integrated drilling technology, Rig Floor Automation, Advanced Well Engineering, and Survey Management services. Historical acquisitions of DrillScan (2019) and Motive Drilling Technologies (2017) expanded software-driven drilling optimization capabilities.

Revenue is generated through dayrate-based contract drilling services (US land rigs approximately $22,000-$35,000 per day; offshore deepwater $300,000-$500,000+ per day), supplemented by performance-based contracts tied to drilling outcomes and long-term managed offshore operations and maintenance services. Named enterprise customers include bp, Saudi Aramco, GeoPark, and an unnamed Super Major. The January 2025 acquisition of KCA Deutag for $1.97 billion substantially expanded international operations, and the company is now diversifying into geothermal drilling via a Baker Hughes partnership.

Name

Helmerich & Payne

Legal name

Helmerich & Payne, Inc.

Website

https://helmerichpayne.com

Company type

Public

Founded year

1920

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Helmerich & Payne is a global contract drilling company operating 262 high-spec land and offshore drilling rigs across 30+ countries, serving oil and gas exploration companies, Super Majors, and national oil companies through its proprietary FlexRig fleet and performance-based contracts.

Ownership category

akta.pro rank

Product category

Contract Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112), Mining and Oil and Gas Field Machinery Manufacturing (33313), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Drilling Oil & Gas Wells (1381), Oil & Gas Field Machinery & Equipment (3533), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industries

OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

Keywords

• Contract drilling services
• Land drilling rigs
• Offshore drilling operations
• Drilling automation technology
• Oil and gas exploration

Headquarters

HQ city

Tulsa

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Contract Drilling Services: Dayrate-based contract drilling services for oil and gas exploration companies. Revenue is generated through dayrates charged for drilling operations, with rates varying by rig type, location, and market conditions. US land rig dayrates range from $25,000-$35,000 per day while offshore deepwater rates can exceed $300,000-$500,000 per day.
2. Performance-Based Contracts: Contracts where the company is compensated based on results achieved, demonstrating confidence in delivery of consistent outcomes. This aligns company incentives with customer success.
3. Offshore Operations & Maintenance: Long-term offshore operations and maintenance contracts including personnel, maintenance execution, spare parts management, warehousing, and asset integrity services through joint venture Turan Drilling & Engineering

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Helmerich & Payne is a global contract drilling contractor providing land and offshore drilling services to oil and gas exploration and production companies using its proprietary FlexRig fleet. The company delivers high-performance drilling through dayrate and performance-based contracts, supported by automation technologies including FlexRobotics and FlexFusion, and operates offshore operations through the Turan Drilling & Engineering joint venture in the Caspian Sea.

Product overview

H&P (Helmerich & Payne) is a global drilling solutions provider offering an integrated portfolio of drilling rigs, automation technologies, and specialized services. The core offering centers on the FlexRig® fleet as the signature high-performance land drilling platform, complemented by the T-Series Fleet and Offshore Drilling operations through the Turan Drilling joint venture. Technology modules including FlexRobotics automated drilling, FlexFusion technology, rig floor automation, advanced well engineering, and survey management enhance drilling efficiency. Services are delivered through performance-based contracts, and the company has expanded into geothermal drilling through a Baker Hughes partnership. The January 2025 acquisition of KCA Deutag significantly expanded international operations.

Differentiator

Problem solved

Functional benefit

Products and services

• FlexRig Fleet Signature high-performance land drilling rig fleet with configurations engineered for every environment, from compact single-well pads to complex multi-row layouts, delivering power, finesse, and mobility for modern drilling programs. Available to oil and gas exploration and production companies through dayrate and performance-based contracts.
• T-Series Fleet Alternative rig fleet offering designed for specific operational requirements and drilling environments, complementing the FlexRig fleet for diverse customer needs across land drilling programs.
• Offshore Drilling Services Offshore operations and maintenance services delivered through the Turan Drilling & Engineering joint venture with SOCAR AQS, providing platform operations, personnel, maintenance execution, spare parts management, warehousing, and asset integrity services for eight offshore platforms in the Caspian Sea, with bp as a major customer under a five-year contract exceeding $1B in potential value.
• Geothermal Drilling Services Alternative energy drilling services for geothermal exploration and development projects, offered through partnership with Baker Hughes for U.S. geothermal markets. Leverages H&P's land drilling expertise for high-temperature, hard-rock geothermal environments as an early move into alternative energy.

Quantifiable outcome

• 33% reduction in greenhouse gas emissions intensity per distance drilled from 2018 baseline
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• GeoParkcoreStrategic or Co-development Partner · 1 June 2026H&P and GeoPark entered into a three-year drilling agreement to deploy a FlexRig with integrated technology, along with associated drilling services, in the Vaca Muerta shale play in Argentina.
• Baker HughescoreStrategic or Co-development Partner · 1 May 2026In May 2026, Baker Hughes and H&P announced a collaboration to support US geothermal exploration and development, including contracting a dedicated land drilling rig for geothermal projects. This partnership represents an early step into alternative energy markets for H&P, whose core business remains focused on high-spec land drilling for oil and gas amid current losses and North American rig market overcapacity.
• SOCAR AQS (Turan Drilling & Engineering JV)coreStrategic or Co-development Partner · 1 February 2026Turan Drilling & Engineering is a joint venture between SOCAR AQS and Helmerich & Payne that secured a five-year contract renewal from bp for offshore operations and maintenance services in the Caspian Sea. The contract covers eight offshore platforms and could exceed $1 billion in value with three additional one-year extension options.
• bpflagshipChannel Partner/ Reseller/ Distributor · 1 February 2026bp awarded Turan Drilling & Engineering (H&P joint venture) a five-year offshore O&M contract in the Caspian Sea effective March 2026, covering eight platforms including ACE, Central, East and West Azeri, Chirag, Deepwater Gunashli, Shah Deniz Alpha and West Chirag. The contract exceeds $1 billion in potential value if all extension options are exercised.
• Omega Oil & GasminorChannel Partner/ Reseller/ Distributor · 1 November 2025Omega Oil & Gas signed a binding letter of intent with H&P for an oil and gas drilling program in Queensland, Australia, where Omega operates with several exploration permits and oil fields.
• KCA Deutag International Limited (KCAD)flagshipStrategic or Co-development Partner · 1 January 2025H&P completed the $1.97 billion acquisition of KCA Deutag on January 16, 2025, significantly expanding global presence and adding new operational capabilities. The acquisition adds international presence in Saudi Arabia, Kuwait, and Oman markets. The integration process introduces transitional risks including execution and earnings volatility.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ProPetro Holding Corp. US-focused oilfield services company primarily providing pressure pumping and drilling-related services in the Permian Basin. Comparable to H&P in US land rig and wellsite services competition.
• Patterson-UTI Energy: US-focused land drilling contractor and pressure pumping provider with a large super-spec rig fleet, directly competing with H&P in US shale basins including the Permian. Comparable in customer base, business model, and rig technology.
• Precision Drilling: Canada-based drilling contractor with a high-spec Alpha and Omega rig fleet, operating across North America, the Middle East, and Latin America. Overlaps directly with H&P in super-spec land drilling and international markets.
• Transocean: Offshore ultra-deepwater drilling contractor operating the largest fleet of harsh-environment floaters. Comparable to H&P's offshore joint-venture operations in business model, although H&P's offshore exposure is more limited and shallow-water focused.
• Nabors Industries: Global drilling contractor with extensive US land and international operations, including Nabors Drilling Solutions and high-spec rig technologies. Competes with H&P across US shale, Middle East, and Latin America.

Broad incumbents

• Halliburton: Global oilfield services major providing drilling, evaluation, and completion services, including drilling-related products. Competes with H&P for drilling program contracts and integrated services from major operators.
• Schlumberger (SLB): Largest global oilfield services company offering drilling, completions, production, and digital solutions including rig and drilling-related technologies. Overlaps with H&P in drilling services and competes broadly for super-major E&P spend.
• Baker Hughes: Global oilfield services and industrial energy technology company with significant drilling-related product lines and a strategic geothermal partnership with H&P. Comparable as a major oilfield services player and partner.

Regional players

• Saipem: Italy-headquartered engineering and drilling services company with significant Middle East and offshore exposure. Comparable to H&P in international drilling and EPC services, particularly in KCAD's traditional markets.
• Stena Drilling: Offshore drilling contractor with harsh-environment and deepwater rigs across the North Sea and global markets. Comparable to H&P's offshore drilling JV operations in business model and super-major customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HelmerichPayne
• YouTubeyoutube.com/channel/UCtAP82bsQ__LS35SBqms23g
• Facebookfacebook.com/Helmerich-Payne-Inc-1555927927959713
• LinkedInlinkedin.com/company/helmerich-&-payne
• Instagraminstagram.com/helmerichpayne/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Helmerich & Payne