ATWOOD OCEANICS ANNOUNCES CONTRACT EXTENSION FOR THE ATWOOD ADVANTAGE
11 November 2015 - 1:12AM
FOR IMMEDIATE RELEASE
HOUSTON, November 10, 2015 -
Atwood Oceanics, Inc. (NYSE: ATW) announced today that one of
its subsidiaries agreed to an extension and rate adjustment to its
existing contract with Noble Energy, Inc. for the ultra-deepwater
rig, the Atwood Advantage, effective November
9, 2015. The agreement is to extend the
contract for the purposes of a plugging and abandoning four well
program in the Gulf of Mexico that has an estimated duration of one
hundred and twenty (120) days during the contract term and is
anticipated to occur in 2016. This extension adjusts the
operating day rate to approximately $240,000 per day only during
the four plug and abandon wells and makes the new contract expiry
date approximately August 2017.
Atwood Oceanics, Inc. is a leading
offshore drilling contractor engaged in the drilling and completion
of exploratory and developmental wells for the global oil and gas
industry. The Company currently owns 11 mobile offshore drilling
units and is constructing two ultra-deepwater drillships. The
Company was founded in 1968 and is headquartered in Houston,
Texas. Atwood Oceanics, Inc. common stock is traded on the
New York Stock Exchange under the symbol "ATW."
As part of our ongoing commitment
to our shareholders, Atwood Oceanics uses a variety of Social
Networks sites to disseminate company information. For a full
list of the official Social Media pages for Atwood Oceanics, please
visit the Social Media Disclaimer page of our IR site at:
http://ir.atwd.com/GenPage.aspx?IID=4010374&GKP=210376.
Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840
Forward-Looking
Statements
Statements
contained in this press release with respect to the future,
including the day rate and date through which the contract extends,
are forward-looking statements. These statements reflect
management's reasonable judgment with respect to future events.
Forward-looking statements are subject to numerous risks,
uncertainties and assumptions and actual results could differ
materially from those anticipated as a result of various factors
including: uncertainties related to the level of activity in
offshore oil and gas exploration and development; oil and gas
prices; competition and market conditions in the contract drilling
industry; our ability to enter into and the terms of future
contracts; possible cancelation or suspension of drilling
contracts; the availability of qualified personnel; labor
relations; operating hazards and risks; terrorism and political and
other uncertainties inherent in foreign operations (including risk
of war, civil disturbances, seizure or damage to equipment and
exchange and currency fluctuations); the impact of governmental and
industry laws and regulations; and environmental matters. These
factors and others are described and discussed in our most recently
filed annual report on Form 10-K, in our Forms 10-Q for subsequent
periods and in our other filings with the Securities and Exchange
Commission which are available on the SEC's website at www.sec.gov.
Each forward looking statement speaks only as of the date of the
particular statement and we undertake no duty to update the content
of this press release or any forward-looking statement contained
herein to conform the statement to actual results or to reflect
changes in our expectations.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#1965862
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