Atwood Oceanics, Inc. has been awarded a drilling services contract by Shell Offshore Inc. for the dynamically positioned, ultra-deepwater semisubmersible rig, the Atwood Condor.
The contract has a term of 39 months from the date the rig is assigned from Hess Corporation, which is expected to occur in late August 2013. The drilling program will be performed in the U.S. Gulf of Mexico at a dayrate of approximately $555,000. This contract will supersede the remainder of the existing contract with Hess Corporation.
With the award of this contract, the firm contractual commitment for the Atwood Condor is expected to extend to November 2016. This contract adds approximately $502 million in revenue backlog.
Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns 13 mobile offshore drilling units and is constructing three 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.”