Mubadala Petroleum Signs $116 Million Contract for Atwood Orca Jack-Up

Transocean Honor, a Pacific Class 400 Jackup, image courtesy Sembcorp Marine

HOUSTON – Atwood Oceanics, Inc. (NYSE: ATW) announced today that one of its subsidiaries has been awarded a two-year drilling services contract by UAE-based Mubadala Petroleum for the Atwood Orca, a Pacific Class 400 jack-up rig currently under construction at PPL Shipyard in Singapore.

The Atwood Orca will have a rated water depth of 400 feet, 1.5 million pound hook load capacity, accommodation for 150 personnel and significant offline handling capabilities. The agreement is for a firm duration of two years.

The Atwood Orca is expected to be delivered from the PPL shipyard in early May 2013, ahead of its scheduled June delivery after which it will mobilize for a period of approximately ten days to its first location offshore Thailand. This contract adds $116 million in revenue backlog, bringing Atwood’s total revenue backlog to approximately $2.6 billion as of January 22, 2013.

Atwood Oceanics, Inc. currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackup.