ATWOOD OCEANICS ANNOUNCES PROGRAM CHANGES FOR AUSTRALIA RIGS
February 02 2017 - 4:11PM
FOR IMMEDIATE RELEASE
HOUSTON, February 2, 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."
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 10 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 more
information about the Company, please visit www.atwd.com.
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 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 Corporate Solutions on behalf
of Nasdaq 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
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