Atwood Snags 2 Contract Commitments for Aurora, Southern Cross

Atwood Oceanics, Inc. announced that the Atwood Aurora, a LeTourneau Super 116E Jackup currently being constructed in Brownsville, Texas by the Company's wholly-owned subsidiary, Atwood Oceanics Pacific Limited, has been awarded a contract by RWE Dea Nile GmbH ("RWE") for work offshore Egypt.

This contract is for a firm period of two (2) years at an operating dayrate of $165,000. This contract includes a cost escalation clause and provides for two (2) separate options to extend the term to three (3) years. The contract also provides for a mobilization payment of $4.5 million. We currently expect that the total construction cost of this rig (including capitalized interest and transportation costs to Egypt from Brownsville, Texas) to be $177 million to $180 million.

Atwood Oceanics, Inc. has also announced that the Atwood Southern Cross, owned by our wholly-owned subsidiary, Atwood Oceanics Pacific Limited, has received a commitment from an Operator in West Africa for the drilling of one well. The contract is subject to the Operator's administrative approval process. This contract is presently expected to commence immediately upon the rig completing its current contract offshore Italy (estimated end of August 2008), and provides a dayrate of $262,500 during mobilization from its current location to West Africa (estimated to take around twenty-five (25) days) and $352,000 during drilling operation (estimated to be sixty (60) to ninety (90) days). Additional contract opportunities following the completion of this one-well program are currently being pursued.

 

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