Atwood's Seahawk Wins Contract from Sarawak Shell

Shell Sarawak, Malaysia
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Atwood Oceanics reports that the Seahawk has been awarded an additional contract by Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited to drill two to three wells on one platform and two wells on a second platform which is estimated to take six to eight months to complete. The contract provides Shell with an option to drill up to six months of additional work; however, the Company retains the right to not consent to any additional work with a well spud date after February 15, 2006. The contract provides for a $50,000 operating dayrate, with a fee of $289,170 payable when the rig was moved in March 2005 to its current dockside location in Malaysia and a fee of $315,000 payable when the rig arrives at the first platform location in May 2005. The rig will be off dayrate for approximately 45 days between completion of the prior contract with Shell and the commencement of this additional contract with Shell. In February/March 2006, the Company expects to commence preparing the Seahawk for its contract commitment with Amerada Hess Equatorial Guinea, Inc. off the coast of Equatorial Guinea.

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