Even the most technologically advanced drilling rigs are finding less work as oil prices crash. Oklahoma oil driller Helmerich & Payne expects 40 to 50 of its souped-up drilling machines to come off the market over the next few weeks, after 11 of those models went idle in the past month, it said in an investor presentation Tuesday. The firm added it has seen spot prices for its so-called FlexRig units fall 10 percent, and some oil companies are dropping out of contracts early. It’s a marked decline for rigs that had emerged in recent years better equipped than old...
