Houston-based offshore drilling contractor, Atwood Oceanics, announced today that one of its subsidiaries has been awarded a drilling services contract by a subsidiary of Noble Energy Inc. for the Atwood Hunter. This contract includes three firm wells with a minimum total duration of 150 days plus one option well.
The first well will be in a tax-free location in Cameroon at a dayrate of approximately $364,000, while the second and third wells will be in Equatorial Guinea at a dayrate of approximately $388,000. One priced option well has been provided which will be located in either Equatorial Guinea or Cameroon; this option well will be at the applicable rate and must be exercised prior to the spud of the second well. If the total program, inclusive of the option well, exceeds 155 days, then beginning on the 156th day the dayrate will increase to approximately $408,000 plus applicable corporate income tax.
Contract commencement is expected in December 2012 in direct continuation of an estimated 30-day period dockside in Ghana to perform regulatory survey work and general maintenance activities. With the award of this contract, the firm contractual commitment for the Atwood Hunter is expected to extend through April 2013.
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