Atwood Announces New Commitments for Atwood Eagle and Richmond
January 09 2008 - 4:39PM
PR Newswire (US)
HOUSTON, Jan. 9 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.
(Houston based International Offshore Drilling Contractor)
(NYSE:ATW) announced today that the ATWOOD EAGLE's remaining
drilling commitment with BHP Billiton Petroleum Pty ("BHPB") is
expected to extend to the end of May 2008. The remaining wells
drilled under this contract will have a dayrate of approximately
$170,000. Following completion of the BHPB program, the rig will
drill one (1) well for ENI (expected to take around forty-five (45)
days to complete) at a dayrate of $360,000 and then commence its
two (2) year commitment with Woodside Energy Ltd ("Woodside") at a
dayrate of $405,000. Following completion of the Woodside drilling
program (estimated July 2010), Chevron Australia Pty. Ltd.
("Chevron") has committed to use the rig at a dayrate of
approximately $430,000/$450,000 (subject to adjustment for cost
escalation) until our new semisubmersible drilling unit being built
in Singapore is ready to commence its drilling program commitment
in Australia with Chevron. Chevron has an option to continue to use
the ATWOOD EAGLE for a mutually agreed term after the new
semisubmersible drilling unit arrives in Australia. The RICHMOND
continues to undergo its life enhancement upgrade which is now
expected to be completed in mid-February 2008 at a cost of
approximately $17 million. Following the completion of this life
enhancing upgrade, the rig has contractual commitments with Helis
Oil & Gas ("Helis") and Contango Operations, Inc. ("Contango")
both of which have engaged Applied Drilling Technology Inc.
("ADTI") to manage the drilling operations. The Helis contractual
commitment involves the drilling of one (1) well at a dayrate of
$80,000 for approximately the first thirty (30) days and a dayrate
of $65,000 for any additional time required to complete the
drilling program. The Contango contractual commitment involves the
drilling of two (2) firm wells plus an option to drill one (1)
additional well at a dayrate of $65,000 for all three (3) wells. We
expect to drill the Helis commitment immediately following the
rig's shipyard work; however, this commitment could be deferred to
a later date in 2008. If all four (4) wells are drilled, these
drilling commitments could extend to September 2008. Statements
contained in this report 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 including; the Company's dependence on the oil and gas
industry; the risks involved the construction of a rig;
competition; operating risks; risks involved in foreign operations;
risks associated with possible disruption in operations due to
terrorism; risks associated with a possible disruption in
operations due to a war with Iraq; 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, 2007, 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/
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