HOUSTON, Oct. 17, 2011 /PRNewswire/ -- ATWOOD OCEANICS,
INC., announced today that one of its subsidiaries has been
awarded a drilling services contract by Hess Corporation for work
in the Gulf of Mexico for the
Atwood Condor, Atwood's ultra-deepwater, dynamically
positioned Friede & Goldman ExD Millennium semisubmersible
drilling unit currently under construction at Jurong Shipyard Pte.
Ltd. in Singapore.
The contract has a firm duration of 21 months,
exclusive of the mobilization period from Singapore to the Gulf of Mexico, and includes two one-year
options with pricing subject to mutual agreement.
The Atwood Condor is expected to be delivered from the
shipyard in June 2012 and will
mobilize to the Gulf of Mexico
with expected arrival in September 2012. The commitment for
the Atwood Condor is expected to run until June 2014, excluding well in progress. With this
contract, Atwood's total revenue backlog increases by $329 million to approximately $1.9 billion, excluding approximately
$32 million in mobilization
revenue.
Rob Saltiel, Atwood President and CEO, commented, "We are
extremely pleased with the opportunity for the Atwood Condor to
work with Hess Corporation in the Gulf of Mexico. We look
forward to demonstrating the Condor's extensive capabilities as we
contribute to our client's success in the region."
Atwood Oceanics, Inc., is an international offshore drilling
contractor engaged in the drilling and completion of exploratory
and developmental oil and gas wells. The company currently
owns ten mobile offshore drilling units located in the U.S.
Gulf of Mexico, South America, the Mediterranean Sea,
West Africa, Southeast Asia and Australia, and is constructing an
ultra-deepwater semisubmersible, an ultra-deepwater drillship and
three high-specification jack ups for deliveries in 2012 and
2013. The company was founded in 1968 and is
headquartered in Houston,
Texas. Atwood Oceanics, Inc. ordinary shares are traded on
the New York Stock Exchange under the symbol "ATW".
Statements contained in this press release with respect to
the future, including the expected delivery of the vessel, arrival
of the vessel and the length of the firm contractual commitment,
are forward-looking statements. These statements reflect
management's reasonable judgment with respect to future events.
Forward-looking statements are subject to numerous risks,
uncertainties and assumptions and actual results could differ
materially from those anticipated as a result of various factors
including: uncertainties related to the level of activity in
offshore oil and gas exploration and development; oil and gas
prices; competition and market conditions in the contract drilling
industry; the risks inherent in the construction of a rig; delays
in the commencement of operations of a rig following delivery; our
ability to enter into and the terms of future contracts; possible
cancelation or suspension of drilling contracts; the availability
of qualified personnel; labor relations; operating hazards and
risks; terrorism and political and other uncertainties inherent in
foreign operations (including risk of war, civil disturbances,
seizure or damage to equipment and exchange and currency
fluctuations); the impact of governmental and industry laws and
regulations; and environmental matters. These factors and others
are described and discussed in our most recently filed annual
report on Form 10-K, in our Forms 10-Q for subsequent periods and
in our other filings with the Securities and Exchange Commission
which are available on the SEC's website at
www.sec.gov. Each forward looking statement speaks only
as of the date of the particular statement and we undertake no duty
to update the content of this press release or any forward-looking
statement contained herein to conform the statement to actual
results or to reflect changes in our expectations.
SOURCE ATWOOD OCEANICS, INC.