HOUSTON, June 23 /PRNewswire-FirstCall/ -- ATWOOD
OCEANICS, INC., (NYSE: ATW) a Houston-based International Drilling
Contractor, announced that the ATWOOD BEACON (owned and operated by
our wholly-owned subsidiary, Atwood Oceanics Pacific Limited) has
been awarded a contract by a group of companies for work offshore
Suriname and Guyana. The
operator group presently consists of Murphy Suriname Oil Company,
Ltd, Repsol Exploration S.A., and Teikoku Oil (Suriname) Co. Ltd
(Inpex), (collectively hereinafter referred to as "Operators").
The program consists of four (4) wells at an operating
dayrate of approximately $115,000 and
shall have a minimum duration of 210 days.
The rig is expected to complete its current commitment with
Edison International S.p.A., in September
2010 offshore the Ivory
Coast. The rig will then be mobilized to Suriname via
Trinidad. The Operators will
pay a lump sum mobilization of $4,500,000 to Trinidad, and will pay a dayrate of
approximately $110,000, plus tugs and
fuel, for the estimated seven (7) days required to mobilize from
Trinidad to the first well
location in Suriname. The expected total duration of the
mobilization period is approximately 30 days. Upon completion of
the program, the Operators will de-mobilize the rig to Trinidad at a dayrate of approximately
$110,000, plus tugs and fuel, and
will additionally pay a lump sum de-mobilization of up to
$7,835,250 depending on the location
of any follow-on work; provided, however, neither the dayrate nor
the lump sum will be paid if the rig has follow-on work within 800
miles of the last drilling location.
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 in the construction of a rig and commencement of
operations of the rig following delivery; competition; operating
risks; risks involved in foreign operations; risks associated with
possible disruption in operations due to terrorism, acts of piracy,
embargoes, war or other military operations; 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,
2009, filed with the Securities and Exchange
Commission.
SOURCE Atwood Oceanics, Inc.