Atwood Oceanics Announces Option to Construct Another Deep Water Semisubmersible Drilling Unit Will Not Be Exercised
October 16 2008 - 3:58PM
PR Newswire (US)
HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- ATWOOD OCEANICS, INC.,
(NYSE:ATW) a Houston-based International Drilling Contractor,
announced that it will not be exercising its existing option to
have Jurong Shipyard Pte. Ltd. ("Jurong") construct another deep
water semisubmersible drilling unit at Jurong's shipyard in
Singapore. The Company is currently constructing a Friede &
Goldman ExD Millennium 6,000 feet conventionally moored
semisubmersible and a similarly designed 10,000 feet dynamically
positioned semisubmersible at Jurong's shipyard in Singapore. The
current construction at Jurong is progressing well and both units
are on schedule, with the delivery of the conventionally moored
unit planned for early 2011 and the delivery of the dynamically
positioned unit planned for mid 2012. The longer-term fundamentals
and outlook for the international deepwater markets that the
Company serves remain positive. Therefore, the Company will
continue to consider value-enhancing growth opportunities when the
times are right. 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
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