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Atwood Oceanics Receives Contract Extension for Atwood Aurora

Source: www.gulfoilandgas.com 2/20/2014, Location: Africa

Atwood Oceanics, Inc. announced that one of its subsidiaries has been awarded an extension to the drilling services contract with Addax Petroleum Cameroon Limited for the jack-up drilling unit Atwood Aurora. The original contract for a one year term to be performed offshore Cameroon has been lengthened to a term of two years, and the operating dayrate for the full two-year term will be approximately $185,000 (inclusive of the 15% Cameroon with holding tax) or $158,000 (exclusive of the 15% Cameroon withholding tax), depending on the well location. Cost escalation provisions will apply at the beginning of the second year of the contract term. Contract commencement is expected to occur in July 2014 in direct continuation of previously announced contractual commitments. With this extension, the firm contractual commitment for the Atwood Aurora is expected to extend to July 2016.

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