Atwood Beacon Wins Work Offshore Indonesia

Atwood Oceanics reports that Conoco Phillips Indonesia Ltd. has given a commitment to utilize the ATWOOD BEACON for a drilling program offshore Indonesia which includes the drilling of three firm wells plus options for four additional wells. The three firm wells have a combined expected duration of ninety days, with the option wells, if exercised, having an expected duration of thirty days each. This commitment provides for a dayrate of $90,000 for the three firm wells, a dayrate of $82,400 for any option wells drilled, and a payment of a $800,000 mobilization fee. The COPI work will commence immediately upon the rig completing its current contract in Malaysia which is estimated to be in June 2004. Execution of a formalized contract with COPI is pending final Indonesian governmental approval which is expected to occur before the end of May 2004.