Atwood to Upgrade the Richmond

Atwood Oceanics says that the Richmond continues to work for Helis Oil & Gas in the Gulf of Mexico at a dayrate of $80,000. Upon completion of the drilling of the current well (estimated late September 2007), Helis has a commitment to drill one more well (estimated to take 25 days to complete). The drilling of this last well will be deferred until sometime during the first half of fiscal year 2008.

Immediately upon completion of the drilling of its current well, the rig will be moved to a shipyard to undergo a $14 million to $15 million life enhancement upgrade estimated to take around 60 days to complete, which will extend the depreciable life of the rig seven years from January 2008. Additional work for the rig immediately following the upgrade period is currently being pursued.

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