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.

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