Atwood Oceanics announces contract extension for the Atwood Aurora
Friday, Feb 21, 2014

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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