Atwood Oceanics Announces an Award of a Drilling Contract Tied to Construction of a Semisubmersible Drilling Unit
03 Enero 2008 - 4:00PM
PR Newswire (US)
HOUSTON, Jan. 3 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.
(Houston based International Offshore Drilling Contractor - NYSE:
ATW) announced today that its wholly owned subsidiary, Atwood
Oceanics Pacific Limited ("AOPL"), has been awarded a contract by
Chevron Australia Pty. Ltd. to provide a newly constructed Mobile
Offshore Semisubmersible Drilling Unit for a firm three (3) year
period, with an option to extend the firm period to six (6) years
(which must be exercised within seven (7) days of delivery of the
rig from the shipyard). The contract provides for an operating
dayrate of approximately $470,000, if the firm commitment is three
(3) years and approximately $450,000, if the option is exercised to
extend the firm commitment period to six (6) years. Both dayrates
are subject to adjustment pursuant to cost escalation provisions of
the contract. To provide the drilling rig required by this
contract, AOPL has executed a construction contract with Jurong
Shipyard Pte. Ltd. ("Jurong") to construct a Friede & Goldman
ExD Millennium Semisubmersible Drilling Unit. The new rig will be
constructed at Jurong's shipyard in Singapore, with delivery
expected to occur in early 2011. AOPL estimates the total cost of
the rig (including administrative and overhead costs and
capitalized interest) will be $570 million to $590 million.
Financing for the rig construction will be provided from a
combination of ongoing cash flow of AOPL and debt, as necessary,
from the US$300,000,000 Credit Agreement of AOPL recently arranged
with several banks. The new rig will be able to conventionally moor
in up to 6,000 feet of water with its own mooring equipment and
with pre-laid mooring equipment could work in up to 8,000 feet of
water. This rig will become the tenth Company owned mobile offshore
drilling unit. The Company has an option for a second rig with
Jurong which requires exercise by the Company prior to June 30,
2008. No determination has been made by the Company at this time as
to whether the option will be exercised. Statements contained in
this report 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
including; the Registrant's dependence on the oil and gas industry;
the risks involved the construction of a rig; competition;
operating risks; risks involved in foreign operations; risks
associated with possible disruption in operations due to terrorism;
risks associated with a possible disruption in operations due to a
war with Iraq; and governmental regulations and environmental
matters. A list of additional risk factors can be found in the
Registrant's annual report on Form 10-K for the year ended
September 30, 2007, 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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