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Atwood Oceanics Reaches Contract for the Atwood Hunter

Texas Business reports:  HOUSTON—An Atwood Oceanics Inc.’s subsidiary won a drilling services contract by a subsidiary of Noble Energy Inc. for the Atwood Hunter for three firm wells with a minimum total duration of 150 days plus one option well.

The first well will be in a tax-free location in Cameroon at a day rate of approximately $364,000, while the second and third wells will be in Equatorial Guinea at a day rate of approximately $388,000.

One priced option well has been provided which will be located in either Equatorial Guinea or Cameroon; this option well will be at the applicable rate and must be exercised prior to the spud of the second well.  If the total program, inclusive of the option well, exceeds 155 days, then beginning on the 156th day the day rate will increase to approximately $408,000 plus applicable corporate income tax.

Contract commencement is expected in December 2012 in direct continuation of an estimated 30-day period dockside in Ghana to perform regulatory survey work and general maintenance activities.

With the award of this contract, the firm contractual commitment for the Atwood Hunter is expected to extend through April 2013.

Atwood Oceanics Inc. is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells.

The company currently owns ten mobile offshore drilling units located in the United States Gulf of Mexico, South America, the Mediterranean Sea, West Africa, southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, two ultra-deepwater drillships and three high-specification jackups for deliveries in 2012, 2013 and 2014. The company was founded in 1968 and is headquartered in Houston, Texas.