Numbers up at H&P

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Eoin O'Cinneide

 15 November 2012 12:41 GMT

Higher US land and international drilling revenues sent full-year profit up at contractor Helmerich & Payne.

The US offshore segment was, however, weaker for the drilling player while higher operating costs also eroded the top line.

Net profit for the financial year to the end of September was $581.05 million as compared with $434.19 million in the last full year.

The reason was a rise in revenues from $2.54 billion to $3.15 billion with US land drilling raking in $2.68 billion as against $2.1 billion.

International land drilling took in $270.03 million in revenues as compared with $226.85 million but the US offshore drilling division saw sales drop from $201.42 million to $189.09 million.

Rig utilisation was,…

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