Atwood Southern Cross Heads to Italy for Eni

Atwood Oceanics has been awarded a contract by ENI Spa AGIP Exploration & Production Division for the Atwood Southern Cross. The contract calls for the rig to drill two wells plus options for two additional wells. The contract provides for an operating dayrate of $406,000. The drilling of the two firm wells is estimated to take one hundred-fifty days to complete and if both option wells are drilled, the contract could extend another ninety days.

This contract will commence immediately upon the rig completing its current contract commitments with Melrose Resources and Turkiye Petrolleri A.O. estimated to be in February 2008. The contract provides that ENI will provide the tow vessel to move the rig to its drilling site and pay a dayrate of $365,000 during the mobilization period (estimated ten days), as well as pay a dayrate of $395,000 while the rig is being certified by Italian authorities (estimated ten days) prior to commencing drilling operations.