Drilling Overview

H&P owns and operates land rigs in the U.S. and in various international locations and offshore platform rigs mostly in the Gulf of Mexico.  The Company endeavors to deliver well cost savings to its customers through ongoing improvements and leadership in drilling efficiency and safety.  Its success is based on its ability to develop and apply new ideas, technologies and processes that create a differentiated, high-quality service offering.  As a result, H&P has been able to deliver unprecedented drilling performance and value to its customers.

Customer commitments for additional H&P-designed and operated FlexRigs® under long-term contracts represent a strong validation for H&P's value proposition.  FlexRigs® are expected to represent 75% of the Company's global land fleet by the end of calendar 2009.