Atwood Oceanics Announces Contracts
December 11 2003 - 4:22PM
PR Newswire (US)
Atwood Oceanics Announces Contracts HOUSTON, Dec. 11
/PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (a Houston based
International offshore Drilling Contractor) - announced today that
the ATWOOD HUNTER has been awarded a contract by Burullus Gas
Company ("Burullus") to drill ten firm wells plus options to drill
six additional wells offshore Egypt. Drilling of the ten firm wells
is expected to take around 400 days to complete and if all six
option wells are drilled, the contract could extend to around 550
days. The contract provides for a dayrate of $62,400 for all firm
and option wells, with a mobilization fee of $100,000 plus towing
vessels to tow the rig to Egypt from its present location in
Tunisia provided by Burullus. The rig will move to the first
Burullus drilling location immediately upon completing its current
contract in Tunisia, which should be completed in late December
2003 or early January 2004. The ATWOOD EAGLE is currently idle
offshore Angola preparing to be mobilized in January 2004 to its
next contract location. The Company has commitments from BHP
Billiton Petroleum Pty. Ltd. ("BHP") and Apache Energy Limited
("Apache") to equally share $5.5 million of mobilization fees to
relocate the ATWOOD EAGLE from Angola to Australia for drilling
programs which include three firm wells plus four option wells.
Drilling of the three firm wells is expected to take three to four
months to complete. These commitments provide for a dayrate of
$109,000 for all wells drilled in water depths of 600 meters or
more and a dayrate of $89,000 for all wells drilled in water depths
below 600 meters. The first three wells are planned to be in over
600 meters water depth. A demobilization fee ranging from $4
million if no more than four wells are drilled to zero if twelve or
more wells are drilled is also provided. In accordance with these
commitments, the Company has entered into a contract with a towing
company to transport the rig from Angola to Australia, which is
estimated to take approximately 30 days, with the tow scheduled to
commence around mid-January 2004. Drilling contracts with BHP and
Apache should be formalized by late December 2003 or early January
2004. Statements contained in this release 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; the Company's dependence on the oil and gas
industry; the risks involved in upgrade to the Company's rigs;
competition; operating risks; risks involved in foreign operations;
risks associated with possible disruptions in operations due to
terrorism; 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, 2002,
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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