Atwood Oceanics picks name for newbuild semisubmersible rig"

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September 14, 2010

Atwood Oceanics picks name for newbuild DP semi

Houston-based offshore drilling contractor Atwood Oceanics (NYSE:ATW) has chosen Atwood Condor as the name for its newbuild ultra-deepwater dynamically positioned ("DP") semisubmersible.

The Atwood Condor remains on track for delivery from Sembcorp Marine's Jurong Shipyard in Singapore by the middle of 2012.

Atwood is actively marketing the unit -- which is especially suited for deep drilling exploration and development applications - for opportunities commencing directly after the rig's commissioning and delivery.

The Atwood Condor is a Friede & Goldman ExD Millennium class ultra-deepwater DP semisubmersible with 10,000 feet of water depth capability and state-of-the-art drilling and completion features. Operating capabilities include a six-ram Blowout Preventer (including three shear rams, high-pressure shearing capacity and enhanced subsea energy for activating subsea functions), high-torque top drive providing one million pound rotating hook load, low-emissions engines, efficient pipe-handling and subsea tree-running equipment and accommodations for 200 personnel.

The Atwood Condor will be the eleventh rig in Atwood's worldwide fleet.

Atwood also announced today that the semisubmersible Atwood Eagle (operated by wholly-owned subsidiary Atwood Australian Waters Drilling Pty Ltd) has been awarded a six-month contract extension by Chevron Australia Pty Ltd pursuant to the existing contract. With this option exercised, the rig's current contract commitment will be extended until six months beyond the delivery of the Atwood Osprey (a conventionally moored ExD Millennium also under construction at Jurong0 to Chevron Australia, which is anticipated to occur during the first quarter of calendar year 2011. The new dayrate for the Atwood Eagle will be approximately $390,000 (subject to change due to currency exchange provisions in the contract).


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