Atwood Falcon Scores More Work from Sarawak Shell

Atwood Oceanics reports that the Atwood Falcon has been awarded an additional contract by Sarawak Shell Berhad to drill seven firm wells with options for six additional wells off the coast of Malaysia. The rig is currently mobilizing to Japan to drill two wells for Japan Energy Development Co., Ltd.

Immediately upon completion of the Japan Energy commitment (estimated August/September 2005), the rig will mobilize back to Malaysia to commence the additional work for Shell, which is estimated to take approximately nine months to drill the seven firm wells and could extend another seven to eight months if all option wells are drilled. The contract provides for a dayrate for the first well drilled of $53,000 to $83,300 depending upon the water depth of the well. This is a carryover of an exercise of one remaining option under the previous Shell contract. For the remaining six firm wells, the dayrate will be $93,000. All option wells drilled will have a dayrate of $113,000.

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