Atwood Oceanics announces program changes for Australia rigs
Friday, Feb 03, 2017
Atwood Oceanics, Inc. (NYSE: ATW) announced today that its Australia operating subsidiary’s drilling services contract with Woodside Energy Ltd (“Woodside”), as operator, for the semisubmersible Atwood Osprey has been amended effective February 2, 2017 to substitute the dynamically-positioned, ultra-deepwater semisubmersible Atwood Condor for the Atwood Osprey for the Greater Enfield Project campaign. The work scope is expected to commence by first calendar quarter 2018 at an operating rate of $222,295 per day and for a total of 12 wells. The mobilization fee will be $36.5 million.

Woodside and the Atwood Australian operating subsidiary have also reached a new agreement to utilize the Atwood Osprey for an additional exploration well.  Drilling of the exploration well is expected to commence in 2018 at an operating rate of $190,000 per day.  

Rob Saltiel, President and CEO of Atwood Oceanics, commented, “This agreement ensures that the Atwood Condor remains working into mid-2019, while enhancing the drilling efficiency of the Greater Enfield Project. The additional well on the Atwood Osprey adds to our 2018 revenue backlog and increases our confidence that we can maintain continuous drilling operations on the Osprey in Australia. We are certainly pleased to be expanding our presence in this important market with a key client.”

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