{"id":938332,"date":"2026-02-19T13:37:13","date_gmt":"2026-02-19T18:37:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/helmerich-payne-inc-joint-venture-secures-major-offshore-operations-and-maintenance-contract-in-the-caspian-sea\/"},"modified":"2026-02-19T13:37:13","modified_gmt":"2026-02-19T18:37:13","slug":"helmerich-payne-inc-joint-venture-secures-major-offshore-operations-and-maintenance-contract-in-the-caspian-sea","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/helmerich-payne-inc-joint-venture-secures-major-offshore-operations-and-maintenance-contract-in-the-caspian-sea\/","title":{"rendered":"Helmerich &amp; Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Helmerich &amp; Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea<\/b><\/p>\n<p>TULSA, Okla.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nTuran Drilling and Engineering Company LLC (TURAN), a joint venture with Helmerich &amp; Payne (H&amp;P), has been awarded a long-term offshore operations and maintenance contract renewal by bp in the Caspian Sea, offshore Azerbaijan.<\/p>\n<p>\nThe contract renewal has a firm duration of five years, with three one-year extension options, and is effective March 2026. If all option periods are exercised, the contract value could exceed $1 billion.<\/p>\n<p>\nUnder the agreement, TURAN will provide operations and maintenance services for eight offshore platforms, delivering a service scope that covers personnel, maintenance execution, spare parts, warehousing and the deployment of a newly established asset integrity and fabric maintenance engineering team.<\/p>\n<p>\n\u201cThis contract renewal reflects the strength of our long-standing partnership with bp and the consistent performance our teams have delivered in the Caspian region over multiple decades,\u201d said Trey Adams, president, H&amp;P. \u201cOur offshore operations provide long-term, contract-based services with predictable activity profiles, which differentiate this business within our portfolio and enhance the stability of our overall earnings through market cycles.\u201d<\/p>\n<p>\n\u201cThis new long-term drilling operations contract marks a renewed chapter in our longstanding Azerbaijan partnership,\u201d said Ole Maier, senior vice president, offshore \u201cIt establishes the foundation for a wells delivery alliance, which will be built on deeper collaboration, early engagement, shared performance objectives and a unified approach to delivering the production goals that the country requires. It establishes a refreshed operational relationship &#8211; one that is stronger and reshapes the traditional operator\u2011contractor model into a true one\u2011team framework. We look forward to enhancing the approach to solving problems together and unlocking mutual value.\u201d<\/p>\n<p>\nThe award reflects TURAN\u2019s long-standing operational presence in the Caspian region and builds on decades of safe and reliable offshore service delivery. H&amp;P has operated in Azerbaijan since the mid-1990s through its legacy offshore and engineering businesses and continues to support bp\u2019s offshore assets with integrated drilling, maintenance, and engineering capabilities.<\/p>\n<p><b><span class=\"bwuline\">About Helmerich &amp; Payne, Inc.<\/span><\/b><\/p>\n<p>\nFounded in 1920, Helmerich &amp; Payne, Inc. (H&amp;P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&amp;P operates 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&amp;P also develops and implements advanced automation, directional drilling and survey management technologies. As of February 4, 2026, H&amp;P&#8217;s fleet includes 203 land rigs in the United States, 131 international land rigs and 4 offshore platform rigs, plus operating approximately 31 offshore operations and maintenance contracts. For more information, see H&amp;P online at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.hpinc.com&amp;esheet=54428881&amp;newsitemid=20260219951101&amp;lan=en-US&amp;anchor=www.hpinc.com&amp;index=1&amp;md5=1cc23dfc3f0d711b4c1a93fb6e6363bd\">www.hpinc.com<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260219951101r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260219951101\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260219951101\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations Contact:<br \/>\n<\/b><br \/>Kris Nicol<br \/>\n<br \/>Vice President of Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investor.relations@hpinc.com\">investor.relations@hpinc.com<\/a><\/p>\n<p><b>Media Contact:<br \/>\n<\/b><br \/>Stephanie Higgins<br \/>\n<br \/>Vice President of Global Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:media@hpinc.com\">media@hpinc.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Azerbaijan Asia Pacific Oklahoma<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Natural Resources Other Natural Resources Oil\/Gas<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20260219951101\/en\/1660527\/3\/HP_2023logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Helmerich &amp; Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea TULSA, Okla.&#8211;(BUSINESS WIRE)&#8211; Turan Drilling and Engineering Company LLC (TURAN), a joint venture with Helmerich &amp; Payne (H&amp;P), has been awarded a long-term offshore operations and maintenance contract renewal by bp in the Caspian Sea, offshore Azerbaijan. The contract renewal has a firm duration of five years, with three one-year extension options, and is effective March 2026. If all option periods are exercised, the contract value could exceed $1 billion. Under the agreement, TURAN will provide operations and maintenance services for eight offshore platforms, delivering a service scope that covers personnel, maintenance execution, spare parts, warehousing and the deployment of a newly established &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/helmerich-payne-inc-joint-venture-secures-major-offshore-operations-and-maintenance-contract-in-the-caspian-sea\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Helmerich &amp; Payne, Inc. Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-938332","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Helmerich &amp; Payne, Inc. 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Joint Venture Secures Major Offshore Operations and Maintenance Contract in the Caspian Sea TULSA, Okla.&#8211;(BUSINESS WIRE)&#8211; Turan Drilling and Engineering Company LLC (TURAN), a joint venture with Helmerich &amp; Payne (H&amp;P), has been awarded a long-term offshore operations and maintenance contract renewal by bp in the Caspian Sea, offshore Azerbaijan. The contract renewal has a firm duration of five years, with three one-year extension options, and is effective March 2026. If all option periods are exercised, the contract value could exceed $1 billion. Under the agreement, TURAN will provide operations and maintenance services for eight offshore platforms, delivering a service scope that covers personnel, maintenance execution, spare parts, warehousing and the deployment of a newly established &hellip; Continue reading &quot;Helmerich &amp; Payne, Inc. 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