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Reroute the ship even if it means a huge diversion
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October 16, 2008

Atwood won't exercise option for further deepwater semi

Houston-based Atwood Oceanics, Inc., (NYSE:ATW) says it will not be exercising its existing option at Singapore's Jurong Shipyard Pte. Ltd. for a further deep water semisubmersible drilling unit.

Atwood is currently constructing two Friede & Goldman ExD Millennium semis at Jurong, one a 6,000 feet conventionally moored unit, the other a 10,000 feet dynamically positioned unit. Atwood says construction at Jurong is progressing well. Both units are on schedule, with delivery of the conventionally moored unit planned for early 2011 and the delivery of the dynamically positioned unit planned for mid 2012.

"The longer-term fundamentals and outlook for the international deepwater markets that the company serves remain positive, notes Atwood, which adds that it "will continue to consider value-enhancing growth opportunities when the times are right."


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