Atwood Oceanics Announces Contract

By MarEx 2014-06-20 11:07:00

 Atwood Oceanics, Inc.  (NYSE: ATW) ("Atwood") announced that one of its subsidiaries has been awarded a drilling services contract by CNOOC Africa Limited for the semisubmersible rig Atwood Hunter. The contract will be performed offshore Equatorial Guinea, specifies a day rate of $337,000 for a minimum term of 90 days and includes an option for one additional well.  To the extent the term exceeds 90 days the day rate for days 91 to 180 shall be $330,000.  Any term in excess of 181 days shall have a dayrate of $325,000.  The Atwood Hunter is expected to commence the contract mid-August 2014.

In connection with  this contract, an Atwood subsidiary and Guinea Ecuatorial de Petroleos ("GEPetrol") mutually agreed to terminate the parties' previously announced contract for the Atwood Hunter  provided certain conditions are met.

The products and services herein described in this press release are not endorsed by The Maritime Executive.