The ATWOOD BEACON is currently drilling the third of now a six (6) firm well program offshore Vietnam for Hoang Long and Hoan Vu Joint Operating Companies after Hoang Long exercised its two remaining options. This drilling program is expected to extend to May/June 2006. Immediately upon the rig completing its current contract in Vietnam, the rig will commence its mobilization to India to commence a twenty-five month drilling program for Gujarat State Petroleum Corporation Ltd. at a dayrate ranging from $113,000 to $133,500.
Due to a change in strategic objectives, BG International has given notice, in accordance with the contract, of early termination of the contract for the ATWOOD SOUTHERN CROSS to drill one well in the Mediterranean Sea. We do not expect to incur any significant financial impact from this contract termination. The rig has completed its mobilization to the Mediterranean Sea and is currently preparing to commence drilling one well for Isramco in mid to late September 2005 at a dayrate of $60,000. Upon completion of the Isramco drilling program (estimated November 2005), the rig will be moved to a shipyard for approximately 40 days for required inspections, Italian certification and equipment upgrade to drill two firm wells for EniSpA AGIP Exploration & Production Division offshore Italy. This contract provides for a dayrate of $70,000 and $73,000 for the two-firm wells. Upon completion of the AGIP drilling program (estimated April to May 2006), the rig will immediately commence its drilling commitment with Melrose Resources. This contract provides for an operating dayrate of $125,000 and could extend for six (6) months.
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