Kosmos Energy has signed agreements with Atwood Oceanics Pacific Limited, a wholly owned subsidiary of Atwood Oceanics, Inc., and Noble Energy, Inc. under which Kosmos will utilize Atwood’s moored semisubmersible rig "Atwood Hunter" to pursue its deepwater drilling program offshore West Africa. The rig provides Kosmos with additional capacity to accelerate its West African exploration, appraisal and development drilling, particularly in Ghana where the company discovered the prolific Jubilee oil field. Noble Energy will share the rig with Kosmos and intends to utilize the "Atwood Hunter" for additional drilling offshore West Africa.
Under the three-and-a-half-year agreement, Kosmos will have use of the "Atwood Hunter" for 27 months beginning in April 2009. Kosmos’ share of the drilling contract commitment is more than US$400 million. Kosmos and Noble Energy have the option to extend the drilling contract for one year.
"We are fortunate these transactions have given us additional rig capacity for several years in light of today’s tight deepwater rig market," Musselman added. "This new addition to the rig fleet operating for Kosmos in West Africa, along with our recently announced $500 million additional equity from Kosmos Energy investors Blackstone Capital Partners and Warburg Pincus, will enable us to execute our strategy in Ghana. We plan to evaluate the country’s hydrocarbon resources expeditiously, accelerating oil production and value creation, which will significantly benefit the government and people of Ghana."
"We are pleased to work together with Noble Energy and Atwood Oceanics, two solid companies that have vast West African experience," said James C. Musselman, Kosmos Chairman and Chief Executive Officer. "The historical performance of the ‘Atwood Hunter’ and its operational capabilities are ideal for the deepwater conditions in the Gulf of Guinea.
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