The original contract for a one year term to be performedoffshore Cameroon has been lengthened to a term of two years, and the operatingdayrate for the full two-year term will be approximately $185,000 (inclusive ofthe 15% Cameroon withholding tax) or $158,000 (exclusive of the 15% Cameroonwithholding 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 ofpreviously announced contractual commitments.
With this extension, the firm contractual commitment for the Atwood Aurora is expected to extend to July 2016.
Atwood Oceanics, is a 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.
