HOUSTON, Oct. 18, 2011 /PRNewswire/ -- ATWOOD OCEANICS,
INC., announced that on October 15,
2011, Alpha Eagle Company, a wholly-owned subsidiary of
Atwood Oceanics, Inc. (the "Company"), entered into a turnkey
construction contract with Daewoo Shipbuilding and Marine
Engineering Co., Ltd., ("DSME") to construct an ultra-deepwater
drillship, to be named the Atwood Achiever, at the DSME yard
in South Korea. The Atwood Achiever is expected to be
delivered by June 30, 2014 at a total
cost, including project management, drilling and handling tools and
spares, of approximately $600
million. Financing for the construction of the Atwood
Achiever is expected to be provided from a combination of available
cash, cash flows from operations and borrowings, as necessary, from
the current senior credit facility of Atwood Offshore Worldwide
Limited, a wholly-owned subsidiary of the Company. Upon
delivery, the Atwood Achiever will become the sixteenth mobile
offshore drilling unit owned by the Company.
Rob Saltiel, President and CEO,
commented, "We are pleased to execute our option with the DSME
shipyard to build the Atwood Achiever and to expand further
our high-specification, ultra-deepwater drilling fleet. This
rig's state-of-the-art design, coupled with the benefits of
identical outfitting to the Atwood Advantage, make it a
compelling investment for Atwood Oceanics."
The Atwood Achiever will be identical to the previously
ordered Atwood Advantage and will be a DP-3
dynamically-positioned, dual derrick ultra deepwater drillship
rated to operate in water depths up to 12,000 feet and drill to a
depth of 40,000 feet. The Atwood Achiever will also have
enhanced technical capabilities, including a 7-ram blowout
preventer, three 100 ton knuckle boom cranes, a 165 ton active
heave "tree-running" knuckle boom crane, and 200 person
accommodations.
This order comprises the execution of the first option retained
by the Company. The Company also secured modifications to the
one remaining priced option to construct an additional
ultra-deepwater drillship, which requires commitment by
July 31, 2012. The Company has
made no determination at this time on whether the option will be
exercised.
Atwood Oceanics, Inc., is an international offshore drilling
contractor engaged in the drilling and completion of exploratory
and developmental oil and gas wells. The company currently
owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea,
West Africa, southeast
Asia and Australia, and is constructing an
ultra-deepwater semisubmersible, two ultra-deepwater drillships and
three high-specification jackups for deliveries in 2012, 2013 and
2014. The company was founded in 1968 and is
headquartered in Houston,
Texas. Atwood Oceanics, Inc. ordinary shares are traded on
the New York Stock Exchange under the symbol "ATW".
Statements contained in this press release, including, but not
limited to, information regarding our estimated vessel delivery and
estimated total cost, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements
reflect management's reasonable judgment with respect to future
events. Forward-looking statements are subject to numerous
risks, uncertainties and assumptions and actual results could
differ materially from those anticipated as a result of various
factors including: uncertainties related to the level of activity
in offshore oil and gas exploration and development; oil and gas
prices; competition and market conditions in the contract drilling
industry; shipyard delays and the risks inherent in the
construction of a rig; delays in the commencement of operations of
a rig following delivery; our ability to enter into and the terms
of future contacts; possible cancelation or suspension of drilling
contracts; the availability of qualified personnel; labor
relations; operating hazards and risks; terrorism and
political and other uncertainties inherent in foreign operations
(including risk of war, civil disturbances, seizure or damage to
equipment and exchange and currency fluctuations); the impact
of governmental and industry laws and regulations; and
environmental matters. These factors and others are described
and discussed in our most recently filed annual report on
Form 10-K , in our Forms 10-Q for subsequent periods and in our
other filings with the Securities and Exchange Commission which are
available on the SEC's website at www.sec.gov. All
information in this press release is as of the date indicated above
and is subject to change without notice. You should not place
undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of the
particular statement, and we undertake no duty to update the
content of this press release or any forward-looking statement
contained herein to conform the statement to actual results or to
reflect changes in our expectations.
SOURCE Atwood Oceanics, Inc.