Atwood Oceanics receives contract extension for Atwood Aurora

Offshore staff

HOUSTON – Addax Petroleum Cameroon Ltd. has awarded a subsidiary of Atwood Oceanics Inc. (NYSE: ATW) an extension to a drilling services contract for the jackup 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 day rate for the full two-year term will be $185,000 (inclusive of the 15% Cameroon withholding 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. The contract is to begin in July, in direct continuation of existing contractual commitments. With this extension, the contractual commitment for the Atwood Aurora is expected to extend to July 2016.

02/20/2014