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Atwood Hunter to Work for CNOOC Offshore Equatorial Guinea

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Atwood Oceanics, Inc. (Atwood) announced Thursday that one of its subsidiaries has been awarded a drilling services contract by China's CNOOC Africa Limited for the Atwood Hunter (deepwater semisub). The contract will be performed offshore Equatorial Guinea, specifies a day rate of $337,000 for a minimum term of 90 days and includes an option for one additional well. To the extent the term exceeds 90 days the day rate for days 91 to 180 shall be $330,000. Any term in excess of 181 days shall have a dayrate of $325,000. The Atwood Hunter is expected to commence the contract mid-August 2014.

In connection with this contract, an Atwood subsidiary and Guinea Ecuatorial de Petroleos (GEPetrol) mutually agreed to terminate the parties' previously announced contract for the Atwood Hunter provided certain conditions are met.

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