Atwood Announces Exercise of Option Under the RICHMOND Contract
November 07 2008 - 9:20AM
PR Newswire (US)
HOUSTON, Nov. 7 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.
(NYSE:ATW), announced today that the RICHMOND (the Company's only
rig in the Gulf of Mexico) has been awarded another well with a
dayrate of $85,000 by Contango Operations Inc. ("Contango") through
their exercise of an option under the rig's current contract. Prior
to the exercise of this option, the contract commitment included
the drilling of the current well at a dayrate of $75,000 (estimated
to be completed around mid November 2008) followed by the drilling
of another well at a dayrate of $78,000. Contango has assigned the
$78,000 dayrate well to Newfield Exploration Company ("Newfield").
The Newfield well has an estimated duration of three months.
Immediately upon completion of the drilling of the well for
Newfield, the RICHMOND will commence drilling the $85,000 dayrate
well for Contango, which is estimated to take around 60 days to
complete. Contango has also been given an option to drill one
additional at a dayrate to be negotiated. The RICHMOND has been
highly utilized in the Gulf of Mexico for several years and on
several occasions has proven its durability and station-keeping
capability during hurricane season. 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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