Atwood Eagle Awarded Angolan Contract by ExxonMobil

Atwood Oceanics has a commitment from Esso Exploration Angola (Block 15) Limited to enter into a contract for the use of the Atwood Eagle to drill three firm wells, plus options for four additional wells, off the coast of Angola. In accordance with the commitment, the Company has entered into a contract with a towing company to transport the rig from Greece to Angola, which is estimated to take 55 to 60 days, with the tow scheduled to commence around November 30, 2002. The contract, which should be formalized in December 2002, will provide for a dayrate of $83,000 and will include a $2.7 million mobilization payment. If all seven wells are drilled, it could take approximately one year to complete the drilling program.