Atwood Oceanics' wholly-owned subsidiary, Atwood Oceanics Pacific Limited, conditionally exercised an option to construct an ultra-deepwater semisubmersible drilling rig to be built based on the Friede & Goldman Ex-D Millennium Dynamically Positioned Semisubmersible rig design with Jurong Shipyard Pte. Ltd.  in Singapore and is presently negotiating a construction contract for such rig with Jurong. The rig is to be built for a water depth rating of 10,000 feet. The construction contract would be subject to satisfaction of certain conditions precedent which are required to be satisfied prior to July 30, 2008.

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