Atwood Eagle Stays Busy Offshore Australia

Atwood Oceanics reports that the Atwood Eagle, owned by its wholly owned subsidiary Atwood Oceanics Pacific Limited and operated by an Australian subsidiary of AOPL, has been awarded a one (1) well contract by ENI Australia BV and a one (1) year extension on its current contract with Woodside Energy Ltd. for their Australian operations. The one (1) well contract for ENI (estimated to take 40 days to complete) will commence immediately upon the rig completing all of its contract commitments (estimated June/July 2007) and provides for a dayrate of $360,000. The one (1) year contract extension for Woodside will commence immediately upon completion of the ENI contract and provides for a dayrate of $420,000. Prior to April 1, 2006, Woodside can elect (with Atwood's consent) to change the one (1) year extension to a two (2) year extension at a dayrate of $405,000 or to a three (3) year extension at a dayrate of $390,000.

Upon completion of its current well for Woodside, the Atwood Eagle has current commitments to drill three (3) additional wells for Woodside and nine (9) firm wells plus five (5) option wells for BHP Billiton Petroleum. These commitments must be completed prior to commencing the one (1) well contract for ENI and the one (1) year extension for Woodside.

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