Atwood Oceanics, Inc. announced Wednesday that one of its subsidiaries had agreed to a nine-month extension and rate adjustment to its existing contract with Mubadala Petroleum (SE Asia) Limited for the jackup Atwood Orca (400' ILC), beginning Nov. 1.
The jackup, which commenced its drilling services contract with Mubadala Petroleum offshore Thailand on April 29, 2013, will continue its current remain assignment until the new contract end date of Oct. 28, 2016.
Atwood Oceanics added that the agreement adjusts the operating day rate to approximately $85,000 from Nov. 1, 2015 until the new contract end date. The day rate has fallen by almost half in the extension, compared to the original agreement when it was pegged at $165,000, according to data from Rigzone's RigLogix database. Atwood Orca is currently operating in the Gulf of Thailand.
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