Atwood to Delay PPL Jackup Option

Atwood Oceanics announced that on June 9, 2011, one of its subsidiaries had reached an agreement with the PPL Shipyard to delay the required commitment date for the next Pacific Class 400 jack-up drilling unit option until December 31, 2011, concurrent with the commitment date for the last Pacific Class 400 jack-up unit option. At this time, the company has made no determination as to whether any of the two remaining options will be exercised.

The company currently has three Pacific Class 400 jack-up drilling units, the Atwood Mako, Atwood Manta, and Atwood Orca, under construction with PPL under turnkey construction agreements; these units will have a rated water depth of 400 feet, accommodations for 150 personnel and significant offline handling features.

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