Atwood Beacon Wins Contract for Work Offshore India

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Atwood Oceanics reports that the Atwood Beacon has been awarded a twenty-five (25) month contract by Gujarat State Petroleum Corporation Ltd. to drill offshore India. The contract provides for a dayrate of $113,000 for the first thirteen months and $133,500 for the last twelve months, with a moving rate of $110,000 plus all tow vessels to be provided by GSPC.

Immediately upon the rig completing its current contract in Vietnam (estimated May/June 2006), it will be towed to Singapore by GSPC at a moving rate of $110,000. Upon arriving in Singapore, the rig will enter a shipyard to have its final section of legs installed, which will take approximately two (2) weeks to complete, with the downtime covered by $70,000 per day in remaining loss of hire insurance. Immediately upon leaving the shipyard, the rig will be mobilized to India.

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