Atwood Wins Contract for Turkish Projects

Turkiye Petrolleri A.O. (TPAO) has contracted the Atwood Southern Cross semisub to drill three firm wells with options to drill three additional wells off the coast of Turkey, Houston-based Atwood Oceanics, Inc. said Friday.

According to the contract, the operating dayrates are $290,000 for the firm wells is $290,000 and $320,000 for the option wells. TPAO will provide a tow vessel and dayrate during rig mobilization and is obligated to pay on Atwood's behalf all Turkish income tax assessments.

The drilling of the three firm wells is estimated to take 100 days to complete. If all of the option wells are drilled, the drilling program could extend another 100 days. The contract will commence immediately upon the semisub completing its current commitments in the Black Sea for Melrose Resources and Toreador Turkey Limited (estimated May tp July 2007). It now appears that the rig's contract with ENI will not be completed until August to September 2006.

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