Helmerich & Payne's CEO Announces Plan To Retire

Helmerich & Payne announced Wednesday the pending retirement of its Chairman and CEO Hans Helmerich in 2014.

In a news release, the company said at the conclusion of Helmerich & Payne's annual stockholder's meeting in March 2014, Helmerich's duties will be transferred to the company's current president and COO, John W. Lindsay.

Mr. Helmerich will remain Chairman of the Board of Directors.

"This is part of a plan I initiated with the Board over four years ago. It matches a personal goal of serving 25 years as the Company's CEO and then transitioning into another role. I am honored the Board has asked me to remain as Chairman. I look forward to having additional time to pursue family and personal interests. I am confident John Lindsay will do a great job as CEO and that he and the management team will lead the Company in an exemplary manner. I am pleased to say the Company is ready now and very well-positioned, not only to complete a successful and smooth leadership transition, but to continue to lead our industry in the years ahead. In fact, as we look out into 2014 and beyond, I have never been more confident in the Company's future. I am deeply appreciative of the opportunity I have been afforded in my 33 years at the Company and very proud of all our employees and their many accomplishments," said Hans Helmerich.

Helmerich & Payne also released a copy of a Hans Helmerich letter sent to employees Wednesday.

John W. Lindsay, who joined the firm in 1987 as a drilling engineer was promoted to president in 2012.

"I want to thank Hans for his exceptional leadership as CEO. His remaining in the role of Chairman will be invaluable to me and the Board. We have an excellent and experienced leadership team and the best employees in the business and I'm excited about the future. I'm honored to serve as the new CEO. Going forward, we will build upon the solid foundation that Hans, his Father and Grandfather established in a constant endeavor to provide value to shareholders and performance to customers," John W. Lindsay said.

The news release states Helmerich & Payne is currently the largest land driller in the U.S. as well as a major offshore platform drilling contractor. The Company's fleet includes 300 land rigs in the U.S., 29 international land rigs and nine offshore platform rigs.