Atwood Oceanics Announces Commitment for ATWOOD BEACON
May 19 2004 - 5:19PM
PR Newswire (US)
Atwood Oceanics Announces Commitment for ATWOOD BEACON HOUSTON, May
19 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc. (Houston-based
International Offshore Drilling Contractor) announced today that
Conoco Phillips Indonesia Ltd. ("COPI") has given a commitment to
utilize the ATWOOD BEACON a drilling program offshore Indonesia
which includes the drilling of three firm wells plus options for
four additional wells. The three firm wells have a combined
expected duration of ninety days, with the option wells, if
exercised, having an expected duration of thirty days each. This
commitment provides for a dayrate of $90,000 for the three firm
wells, a dayrate of $82,400 for any option wells drilled, and a
payment of a $800,000 mobilization fee. The COPI work will commence
immediately upon the rig completing its current contract in
Malaysia which is estimated to be in June 2004. Execution of a
formalized contract with COPI is pending final Indonesian
governmental approval which is expected to occur before the end of
May 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, 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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