Atwood Osprey contract amended following cyclone offshore Australia

Offshore staff

HOUSTON – Atwood Oceanics Inc. (NYSE: ATW) has amended its contract for its semisubmersible drilling unit, the Atwood Osprey.  

TheAtwood Osprey parted several mooring lines and drifted approximately three nautical miles from its original position during Cyclone Olwyn off the northwest coast of Australia on March 12, 2015.

The duration of the force majeure event and repairs necessitated by the damage have triggered termination rights in relation to which the parties have agreed to a reduction in the term of the contract by one year with contractual rates remaining unchanged. It is expected that repairs for damage sustained by the rig and required regulatory approvals will be completed by April 30, 2015.

04/20/2015