Woodside Awards Contract to Atwood Falcon

Woodside Energy Ltd has awarded the Atwood Falcon a contract to drill two (2) wells plus options to drill up to three (3) additional wells off the northwest coast of Australia. The Atwood Falcon is currently drilling a five-well program for Sarawak Shell Berhad and Sabah Shell Petroleum Company Ltd of the coast of Malaysia. Immediately upon completion of its current contract (estimated October 2002), the rig will be moved to Australia to commence the drilling program for Woodside which could extend four to five months if all five wells are drilled. The contract provides for a dayrate ranging from $89,100 to $108,600 depending upon the water depth of each well drilled, with mobilization and demobilization payments ranging from $1 million to $1.25 million depending upon the number of wells drilled.