FOR IMMEDIATE RELEASE
HOUSTON, February 2, 2017-- Atwood Oceanics, Inc. (NYSE: ATW) announced today that its Australia operating subsidiary's drilling services contract with Woodside Energy Ltd ("Woodside"), as operator, for the semisubmersible Atwood Osprey has been amended effective February 2, 2017 to substitute the dynamically-positioned, ultra-deepwater semisubmersible Atwood Condor for the Atwood Osprey for the Greater Enfield Project campaign. The work scope is expected to commence by first calendar quarter 2018 at an operating rate of $222,295 per day and for a total of 12 wells. The mobilization fee will be $36.5 million.
Woodside and the Atwood Australian operating subsidiary have also reached a new agreement to utilize the Atwood Osprey for an additional exploration well. Drilling of the exploration well is expected to commence in 2018 at an operating rate of $190,000 per day.
Rob Saltiel, President and CEO of Atwood Oceanics, commented, "This agreement ensures that the Atwood Condor remains working into mid-2019, while enhancing the drilling efficiency of the Greater Enfield Project. The additional well on the Atwood Osprey adds to our 2018 revenue backlog and increases our confidence that we can maintain continuous drilling operations on the Osprey in Australia. We are certainly pleased to be expanding our presence in this important market with a key client."
Atwood Oceanics, Inc. is a leading offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry. The Company currently owns 10 mobile offshore drilling units and is constructing two ultra-deepwater drillships. The Company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW." For more information about the Company, please visit www.atwd.com.
Mark W. Smith Senior Vice President and CFO (281) 749-7840
Forward Looking Statements
Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements are subject to numerous risks, uncertainties and assumptions and actual results could differ materially from those anticipated as a result of various factors including: uncertainties related to the level of activity in offshore oil and gas exploration and development; oil and gas prices; competition and market conditions in the contract drilling industry; our ability to enter into and the terms of future contracts; possible cancelation or suspension of drilling contracts; the availability of qualified personnel; labor relations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreign operations (including risk of war, civil disturbances, seizure or damage to equipment and exchange and currency fluctuations); the impact of governmental and industry laws and regulations; and environmental matters. These factors and others are described and discussed in our most recently filed annual report on Form 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Each forward looking statement speaks only as of the date of the particular statement and we undertake no duty to update the content of this press release or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.
