Atwood Oceanics, Inc. (NYSE: ATW) announced todaythat one of its subsidiaries has been awarded an extension to the drillingservices contract with Addax Petroleum Cameroon Limited for the jack-up drillingunit Atwood Aurora. The original contract for a one year term to be performedoffshore Cameroon has been lengthened to a term of two years, and the operatingdayrate for the full two-year term will be approximately $185,000 (inclusive ofthe 15% Cameroon withholding tax) or $158,000 (exclusive of the 15% Cameroonwithholding tax), depending on the well location. Cost escalation provisionswill apply at the beginning of the second year of the contract term. Contractcommencement is expected to occur in July 2014 in direct continuation ofpreviously announced contractual commitments. With this extension, the firmcontractual commitment for the Atwood Aurora is expected to extend to July 2016.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in thedrilling and completion of exploratory and developmental oil and gas wells. Thecompany currently owns 13 mobile offshore drilling units and is constructingthree ultra-deepwater drillships. The company was founded in 1968 and isheadquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is tradedon the New York Stock Exchange under the symbol “ATW.”
Source: Atwood Oceanics, Inc.
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