Atwood Oceanics Takes a $900,000 Hit Due to Dayrate Billing Disagreement

Atwood Oceanics, an oil and gas exploration company, will take a $900,000 hit, according to a regulatory filing made Jan. 15, 2008.

The company expected a charge of $1.7 million, but it instead will receive a lower first-quarter charge due to a dayrate billing disagreement.

"The dayrate billing disagreement involves the interpretation of technical language in the contract," said Atwood Oceanics Vice President of Administration and Marketing Glen Kelley. "There was a disagreement as to whether the work was being done on the well itself or equipment."

The charge is expected to affect earnings by about 3 cents a share or $900,000, according to the regulatory filing.

Kelley told Rigzone that a compromise had been reached regarding the charge, and the three cents a share is the result of that compromise.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Quality Control Manager
Expertise: QA / QC / Inspection
Location: Dallas, TX
 
Electro-Motor Mechanic
Expertise: Electrical Technician|Mechanical Technician
Location: Beaumont, TX
 
Electro-Motor Mechanic
Expertise: Electrical Technician|Mechanical Technician
Location: La Porte, TX
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours