Atwood Osprey's Drilling Contract Shortened by a Year

Atwood Oceanics, Inc. announced Friday that the company has entered into an amendment to its contract for the company's Atwood Osprey (UDW semisubmersible). As previously disclosed, the Atwood Osprey parted several mooring lines and drifted approximately three nautical miles from its original position during Cyclone Olwyn, which impacted the northwest coast of Australia March 12.

The duration of the force majeure event and resultant repairs necessitated by the damage incurred from the cyclone have triggered termination rights in relation to which the parties have agreed to a reduction in the term of the contract by one year with contractual rates remaining unchanged. It is expected that repairs for damage sustained by the rig and required regulatory approvals will be completed by April 30. 

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 12 mobile offshore drilling units and is constructing two ultra-deepwater drillships. The company was founded in 1968 and is headquartered in Houston, Texas.


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