ATW Atwood Oceanics, Inc. (delisted)

Atwood Announces Contract Awarded to the SEAHAWK HOUSTON, March 11 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (NYSE:ATW) (Houston based International Offshore Drilling Contractor) announced that the SEAHAWK has been awarded an additional contract by Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited ("Shell") to drill two (2) to three (3) wells on one platform and two (2) wells on a second platform which is estimated to take six to eight months to complete. The contract provides Shell with an option to drill up to six months of additional work; however, the Company retains the right to not consent to any additional work with a well spud date after February 15, 2006. The contract provides for a $50,000 operating dayrate, with a fee of $289,170 payable when the rig was moved in March 2005 to its current dockside location in Malaysia and a fee of $315,000 payable when the rig arrives at the first platform location in May 2005. The rig will be off dayrate for approximately 45 days between completion of the prior contract with Shell and the commencement of this additional contract with Shell. In February/March 2006, the Company expects to commence preparing the SEAHAWK for its contract commitment with Amerada Hess Equatorial Guinea, Inc. off the coast of Equatorial Guinea. Statements contained in this release with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors; the Company's dependence on the oil and gas industry; the risks involved in upgrade to the Company's rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruptions in operations due to terrorism; and governmental regulations and environmental matters. A list of additional risk factors can be found in the Company's Annual Report on Form 10-K for the year ended September 30, 2004, filed with the Securities and Exchange Commission. DATASOURCE: Atwood Oceanics, Inc. CONTACT: Jim Holland of Atwood Oceanics, Inc., +1-281-749-7804 Web site: http://www.atwd.com/

Copyright