H&P - Helmerich & Payne Inc.
10/09/2024 | Press release | Distributed by Public on 10/09/2024 04:33
Regulation FD Disclosure Form 8 K
ITEM 7.01 REGULATION FD DISCLOSURE
As previously disclosed, Helmerich & Payne, Inc. (the "Company") made a $100.0 million cornerstone investment in ADNOC Drilling Company P.J.S.C. ("ADNOC Drilling"), for 159.7 million shares of ADNOC Drilling (the "Shares"). The Company has agreed to sell the Shares for aggregate proceeds of approximately $197.0 million and closing is expected to take place by mid-October. The Company intends to use the net proceeds from the sale of the Shares to reduce the commitments under its bridge loan facility in connection with the Company's previously announced pending acquisition of KCA Deutag International Limited.
The information in this Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.