Atwood Oceanics reports that Hoang Long and Hoan Vu Joint Operating Companies have awarded a contract to the Atwood Beacon to drill three (3) firm wells, with
options to drill three (3) additional wells, offshore Vietnam. This contract
provides for a dayrate of $62,000 for the three firm wells, a dayrate of
$77,000 for the three option wells, and payment of $58,000 per day plus the
cost of a tow vessel and fuel to mobilize the rig from Singapore to Vietnam.
The three firm wells have a combined expected duration of 200 days and if all
three option wells are drilled, the program could extend for another 200 days.
The drilling of this program must commence between January 15, 2005 and
April 15, 2005.