ATP Defers Construction Cost for Octabuoy Hull; Keeps Project on Schedule

ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has amended its agreement with COSCO Nantong Shipyard Ltd. (“COSCO”) to defer $99 million in construction cost for the Octabuoy hull. The deferral will be supported by a Letter of Insurance issued by the China Export and Credit Insurance Corporation (“SINOSURE”) to the benefit of COSCO. The Octabuoy, including the hull, topsides and related equipment, will serve as the floating production and drilling facility at ATP’s Cheviot field (Blocks 2/10b, 2/15a and 3/1) in the U.K. North Sea. ATP has a 100% working interest in the Cheviot field and is the operator.