Addax extends ‘Atwood Aurora’ rig contract (Cameroon)
- Business & Finance
Atwood Oceanics, Inc. has been awarded an extension to the drilling services contract with Addax Petroleum Cameroon Limited for the jack-up drilling rigt Atwood Aurora.
The original contract for a one year term to be performed offshore Cameroon has been extended to a term of two years, and the operating day rate for the full two-year term will be approximately $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 term. Contract commencement is expected to occur in July 2014 in direct continuation of previously announced contractual commitments. With this extension, the firm contractual commitment for the Atwood Aurora is expected to extend to July 2016.
Atwood Oceanics, Inc. is a U.S. based 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.