ATWOOD OCEANICS REPORTS UPDATE ON STATUS OF ATWOOD OSPREY REPAIRS AND DRILLING SERVICES CONTRACT
April 17 2015 - 09:17AM
FOR IMMEDIATE RELEASE
HOUSTON, April 17, 2015 - Atwood
Oceanics, Inc. (NYSE: ATW) announced today that the company has
entered into an amendment to its contract for its semisubmersible
drilling unit, the Atwood Osprey. As
previously disclosed, the Atwood Osprey parted
several mooring lines and drifted approximately three nautical
miles from its original position during Cyclone Olwyn, which
impacted the northwest coast of Australia on March 12, 2015.
The duration of the force majeure event and resultant repairs
necessitated by the damage incurred from the cyclone have triggered
termination rights in relation to which the parties have agreed to
a reduction in the term of the contract by one year with
contractual rates remaining unchanged. It is expected that
repairs for damage sustained by the rig and required regulatory
approvals will be completed by April 30, 2015.
Atwood Oceanics, Inc. is a leading
offshore drilling contractor engaged in the drilling and completion
of exploratory and developmental wells for the global oil and gas
industry. The company currently owns 12 mobile offshore
drilling units and is constructing two ultra-deepwater drillships.
The company was founded in 1968 and is headquartered in
Houston, Texas. Atwood Oceanics, Inc. common stock is traded
on the New York Stock Exchange under the symbol "ATW."
For a full list of the official Social Media pages
for Atwood Oceanics, Inc. please visit our
Investor Relations site at:
http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376
Media Contact: Mark
Mey
Executive Vice President and CFO
281-749-7902
Forward Looking
Statements
Statements
contained in this press release with respect to the future,
including expected out of service time 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: our ability
and the time required to complete the necessary repairs and obtain
the required regulatory approvals. Other factors that may
impact actual results 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.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#1912095
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