HOUSTON, April 23, 2012 /PRNewswire/ -- ATWOOD
OCEANICS, INC. announced today that one of its subsidiaries has
been awarded a three year contract extension by Chevron Australia
Pty Ltd ("Chevron"), for the semisubmersible Atwood Osprey.
The Atwood Osprey commenced its initial three year drilling
services contract with Chevron on May 27,
2011 for operations offshore Australia inclusive of the Greater Gorgon
field development project. With this contract extension, the
Atwood Osprey is now committed through May 2017.
The operating day rate for the initial three year period remains
unchanged. The operating day rate at the start of the extension
period is estimated to be approximately $470,000, exclusive of the total cost escalation
adjustments which occur during the initial term and will be
additive to the operating day rate during the extension
period. The contract provisions during the extension period
provide for continued annual cost escalation adjustments, enhanced
rig equipment maintenance and repair time allowances, and other
adjustments to the initial contract's terms and conditions.
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 United States Gulf of Mexico, South America, the Mediterranean Sea,
West Africa, southeast
Asia and Australia, and is constructing an
ultra-deepwater semisubmersible, two ultra-deepwater drillships and
three high-specification jackups for deliveries in 2012, 2013 and
2014. 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".
SOURCE Atwood Oceanics, Inc.