H&P releases transcript of fiscal Q3 2026 earnings call

Offshore direct margin was $29 million on three active rigs and 30 management contracts. Q4 offshore direct margin is guided to $26 million-$30 million, and full-year guidance was raised to $113 million-$117 million.

H&P said its debt focus has shifted to retiring the $350 million bond due at the end of 2027. The company also set a $40 million annualized corporate cost reduction target by the end of 2027.

International direct margin was $31 million. In Saudi Arabia, H&P had 22 rigs with five reactivated rigs drilling. Q4 international direct margin is guided to $25 million-$45 million.

The company reiterated its Argentina expansion plan: 9 rigs operating, with the 10th and 11th rigs expected to be active by the end of August. H&P also plans to export three U.S. rigs to reach 15.