ATWOOD OCEANICS ANNOUNCES CHANGES TO ULTRA-DEEPWATER DRILLSHIP DELIVERY AND MILESTONE PAYMENT SCHEDULES
December 18 2015 - 9:15AM
FOR IMMEDIATE RELEASE
HOUSTON, December 18, 2015--
Atwood Oceanics, Inc. (NYSE: ATW) announced today that subsidiaries
of the Company have agreed with Daewoo Shipbuilding &
Marine Engineering Co. (DSME) to delay the Company's
requirement to take delivery of two newbuild ultra-deepwater
drillships, the Atwood Admiral and the
Atwood Archer, to September 30, 2017 and June
30, 2018, respectively.
In consideration of the agreement,
the Company will make payments of $50 million for each drillship on
December 31, 2015, and DSME will extend all remaining milestone
payments, $93.9 million for the Admiral and
$305 million for the Archer, until their
respective delivery dates. The Company retains the option to
take earlier delivery of each vessel, subject to a forty-five (45)
day notice period to DSME.
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 11 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."
As part of our ongoing commitment
to our shareholders, Atwood Oceanics uses a variety of Social
Networks sites to disseminate company information. For a full
list of the official Social Media pages for Atwood Oceanics, please
visit the Social Media Disclaimer page of our IR site at:
http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376.
Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840
Forward Looking
Statements
Statements
contained in this press release with respect to the future,
including information regarding the expected delivery dates, 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: uncertainties
related to the level of activity in offshore oil and gas
exploration and development; oil and gas prices; competition and
market conditions in the contract drilling industry; our ability to
enter into and the terms of future contracts; possible cancelation
or suspension of drilling contracts; the availability of qualified
personnel; labor relations; operating hazards and risks; terrorism
and political and other uncertainties inherent in foreign
operations (including risk of war, civil disturbances, seizure or
damage to equipment and exchange and currency fluctuations); the
impact of governmental and industry laws and regulations; and
environmental matters. These factors and others 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#1974803
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