HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.
(NYSE: ATW) (Houston-based International Offshore Drilling Contractor)
announced today that the ATWOOD FALCON has been awarded a contract by Japan
Energy Development Co., LTD. to drill one (1) firm well with an option to
drill one (1) additional well off the coast of Japan. The contract provides
for a dayrate of $88,300 for both the firm and option wells and mobilization
and demobilization payments of approximately $1.9 million, respectively. The
ATWOOD FALCON is currently drilling a program for Sarawak Shell in Malaysia
which is expected to be complete in February 2005. Upon completion of this
contract, the rig will be moved to Japan, with an anticipated commencement of
drilling operations in Japan in March 2005. The drilling of the firm well as
well as the option well, if drilled, are estimated to take 60 to 100 days,
respectively, to complete.
The Company also announced that the ATWOOD EAGLE has been awarded
additional work under an existing contract with Woodside Energy, Ltd.
("Woodside") to drill three (3) firm wells with options to drill three (3)
additional wells off the coast of Australia. The amended contract provides
for a dayrate of $89,000 for wells drilled in water depths below 600 meters
and $109,000 for wells drilled in water depths of 600 meters or more except
that the first well drilled in water depths between 600 meters and 700 meters
will have a dayrate of $99,000. The drilling of the three firm wells is
expected to take approximately four months to complete, and if all the option
wells are drilled, the contract could extend into September 2005. The rig's
current drilling commitments with Woodside and BHP Billiton Petroleum Pty. are
expected to be completed around January 15, 2005. The additional work with
Woodside will not commence until February 15, 2005. During the planned break
in drilling commitments, certain required inspections and maintenance work
will be performed on the rig.
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.
SOURCE Atwood Oceanics, Inc.
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Related links:
http://www.atwd.com
CONTACT:
Jim Holland of Atwood Oceanics, Inc.,
+1-281-749-7804
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