Atwood Wins Two Year Contract for the Atwood Falcon

Atwood Oceanics reports that the Atwood Falcon has been awarded a two-year contract from an operator in the South China Sea. This drilling program will commence immediately after the completion of its current drilling program which is expected to be August 2009. This contract provides for an operating dayrate of $425,000 subject to adjustment for cost escalations.

The Atwood Southern Cross is currently being mobilized to West Africa. The operator has now completed its contract approval process. The rig should arrive in West Africa at the end of September 2008 and will immediately commence its 60 to 90 days drilling program at an operating dayrate of $352,000. Additional contract opportunities following the completion of this one-well program are currently being pursued.

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