Atwood Southern Cross Picks Up Contract from Toreador Resources

Atwood Oceanics reports that the Atwood Southern Cross has been awarded a contract by Toreador Turkey Limited to drill three firm wells off the coast of Turkey. The contract provides for an operating dayrate for all wells of $125,000. Toreador will provide a tow vessel and dayrate for the mobilization of the rig and the obligation to demobilize the rig on dayrate from the Black Sea in the event the rig does not have ongoing work in the Black Sea following the Toreador contract. The drilling of three (3) wells is estimated to take ninety days to complete. This contract will commence immediately upon the rig completing its contract commitment offshore Bulgaria for Melrose Resources (estimated September/October 2006).
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