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press release

June 7, 2022, 9:25 a.m. EDT

Drillform enters manufacturing agreement with Helmerich & Payne International Drilling

Houston, June 07, Jun 07, 2022 (GLOBE NEWSWIRE via COMTEX) -- Houston, June 07, 2022 (GLOBE NEWSWIRE) -- Drillform, a leading manufacturer of fully automated drilling equipment, announced today that it has successfully closed new funding and entered into a long-term exclusive manufacturing agreement with Helmerich & Payne International Drilling Co. ("H&P"), a subsidiary of Helmerich & Payne, Inc. /zigman2/quotes/209685666/composite HP -5.28%

The exclusive agreement provides a framework for Drillform to manufacture and supply automated floor wrenches to H&P's worldwide drilling fleet and for the companies to further collaborate in the development and marketing of other related technologies.

Patrick McDougall, Executive Chairman of Drillform Group of Companies, stated, "We are proud to align Drillform with one of the world's leading drilling solutions providers. We look forward to many years of working closely with H&P."

Chay Chinsethagid, H&P's Senior Vice President, Information Technology & Engineering, said, "We believe Drillform's automated floor wrench technology is an optimal fit for H&P both technically and operationally, and we are excited about the mutual benefits that will be derived from our investment in Drillform."

Ray Brown of PPHB served as financial advisor and John Bakht of Norton Rose Fulbright served as legal counsel, with their respective teams assisting in the creation and successful completion of these arrangements.

About Drillform

Drillform was founded in 2010 by a team of industry professionals to design, manufacture and service automated drilling equipment. With decades of equipment design and manufacturing experience, the team had previously built a market-leading, established brand of automated drilling equipment. In a competitive industry, dominated by large players, Drillform's design and customer service philosophy continues to focus on solutions that will exceed customer expectations. Drillform has facilities in Tulsa, Oklahoma, Odessa, Texas and Abu Dhabi, UAE.

Drillform contact:

Toby Austin, General Manager, Americas ( toby.austin@drillform.com )

Andrew (Andy) Taplin, General Manager, MENA ( andy.taplin@drillform.com)

Robert Holifield, Sales Team Leader ( robert.holifield@drillform.com )

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. /zigman2/quotes/209685666/composite HP -5.28% is committed to delivering industry-leading levels of drilling productivity and reliability. H&P strives to operate with the highest level of integrity, safety and innovation to deliver superior results for its 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. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, see H&P online at www.helmerichpayne.com .

H&P Contact:

Dave Wilson, Vice President of Investor Relations

918-588-5190







        Toby Austin
        Drillform
        toby.austin@drillform.com
        
        Andrew (Andy) Taplin
        Drillform
        andy.taplin@drillform.com
        
        Robert Holifield
        Drillform
        robert.holifield@drillform.com
        


COMTEX_408329392/2471/2022-06-07T09:25:11

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/zigman2/quotes/209685666/composite
US : U.S.: NYSE
$ 41.94
-2.34 -5.28%
Volume: 815,983
Aug. 15, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
2.38%
Market Cap
$4.66 billion
Rev. per Employee
$325,389
loading...
/zigman2/quotes/209685666/composite
US : U.S.: NYSE
$ 41.94
-2.34 -5.28%
Volume: 815,983
Aug. 15, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
2.38%
Market Cap
$4.66 billion
Rev. per Employee
$325,389
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