Atwood Oceanics Announces Contracts
April 15 2004 - 4:37PM
PR Newswire (US)
Atwood Oceanics Announces Contracts HOUSTON, April 15
/PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (Houston-based
International Offshore Drilling Contractor) announced today that as
stated in the Form 8-K filed on March 16, 2004 that ExxonMobil
Exploration & Production Malaysia Inc. ("EMEPMI") and the
Company will suspend the VICKSBURG contract upon completion of
drilling on the current platform, which is expected to be early to
mid May 2004, at which time, the rig will be immediately moved to
Thailand to commence an approximately five months drilling program
for Chevron Offshore (Thailand) Limited ("Chevron"). EMEPMI will
reinstate the VICKSBURG contract immediately upon the rig being
redelivered to Malaysia after completing the Chevron drilling
program. The EMEPMI drilling commitment will include the estimated
five months suspension period plus an additional twelve months, for
a total of seventeen months commencing in November 2004. EMEPMI
retains its right to terminate the contract with at least 120 days
notice. The rig's current dayrate is $64,500, with the Chevron
contract providing for a dayrate of $66,500. The dayrate once the
rig returns to EMEPMI will be $63,500. The VICKSBURG will remain on
dayrate during the periods required to move the rig from Malaysia
to Thailand and back to Malaysia. The Company also announced that
the RICHMOND has been awarded a contract by Helis Oil & Gas
Company, L.L.C. ("Helis") to drill four firm wells plus options for
drilling four additional wells. The rig will move to the first
Helis drilling location immediately upon completing its current
contract with Bois D'Arc Offshore Ltd., which should be completed
in late June 2004. The drilling of the four firm wells is expected
to take around 120 to 150 days to complete and if all four option
wells are drilled, the contract could extend for around 240 to 300
days. 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, 2003,
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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