Atwood Oceanics Inc News

Atwood Oceanics, Inc. announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. ("DSME") to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively. In connection with the delay, Atwood will make a payment of $125 million for the Atwood Archer on or before December 15, 2016, as well as a payment of $15 million on the earlier of June 30, 2018 or the delivery date. In respect of the Atwood Admiral, Atwood will make a payment of $10 million on the earlier of September 30, 2017 or the delivery date.

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge cost of maintaining the more than $10 billion worth of state-of-the-art vessels that have been idled at sea, analysts say. Noble Corp Plc, Ensco Plc and Transocean Ltd are among companies that have invested in advanced rigs which, unlike older jack-up rigs that attach to the ocean floor, rely on dynamic positioning systems using thrusters to keep them in position.

Atwood Oceanics, Inc. announced today the delivery of the Atwood Advantage from the Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) shipyard in South Korea. The Atwood Advantage has departed the DSME shipyard and commenced its drilling services contract with Noble Energy, Inc. Following its mobilization to the U. S. Gulf of Mexico, the Atwood Advantage will conduct a three year drilling program with Noble Energy. Rob Saltiel, Atwood Oceanics President and CEO, commented, "We are very pleased to take delivery of the Atwood Advantage, the first of four 'A-Class' ultra-deepwater drillships that we are building at the DSME shipyard in South Korea. Atwood Oceanics, Inc.

An Atwood Oceanics subsidiary awarded drilling services contract by Mubadala Petroleum. The Atwood Orca, currently under construction at PPL Shipyard in Singapore, 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.

An Atwood Oceanics, Inc. subsidiary awarded year's contract extension by Salamander Energy for the jackup 'Atwood Mako'. The extension is priced at a day rate of $155,000 and begins September 9, 2013. The Atwood Mako commenced its initial twelve month drilling services contract with Salamander on September 9, 2012 for operations offshore Thailand. With the extension, the Atwood Mako's firm commitment extends through September 9, 2014. 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 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and one high-specification jackup.

Atwood Oceanics Inc. has announced  that the Company earned net income of $59.5 million or $0.90 per diluted share, on revenues of $171.6 million for the quarter ended March 31, 2012 compared to net income of $65.5 million or $1.00 per diluted share on revenues of $184.7 million for the quarter ended December 31, 2011 and compared to net income of $70.6 million or $1.08 per diluted share, on revenues of $159.1 million for the quarter ended March 31, 2011. For the six months ended March 31, 2012, the Company earned net income of $124.9 million or $1.90 per diluted share, on revenues of $356.3 million compared to net income of $123.5 million or $1.89 per diluted share, on revenues of $305.4 million for the six months ended March 31, 2011.

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.

Aker Solutions has been awarded a contract by Daewoo Shipbuilding & Marine Engineering (DSME) for the delivery of a deepwater drilling riser system to the DSME shipyard in South Korea. The riser package will be installed on Atwood Oceanics, Inc.'s ultra-deepwater drillship, the Atwood Advantage. The contract value is approximately $48 million. The 10 000 ft deepwater drilling riser system will be manufactured and delivered out of Aker Solutions' manufacturing plant in Port Klang, Malaysia. Delivery of the drilling riser system is scheduled for March 2014.

According to a Jan 31 report from Reuters, Daewoo Shipbuilding & Marine Engineering said that it had won an order to build a drillship from Atwood Oceanics Inc. (Source: Reuters)

Atwood Oceanics, Inc., (NYSE: ATW) a Houston-based International Drilling Contractor, announced that the Richmond has been awarded a contract by Helis Oil & Gas Company LLC being turnkey drilled by Applied Drilling Technology Inc. for one well in the U.S. Gulf of Mexico, at a dayrate of $33,500. The drilling of this well is estimated to take 60 to 80 days to complete. Additional contract opportunities following the completion of the drilling of this one-well commitment in early to mid February 2010 are currently being pursued.

Atwood Oceanics, Inc., (NYSE:ATW) a Houston-based international drilling contractor, announced that the Richmond has been awarded a contract by Applied Drilling Technology, Inc. to drill one well in the U.S. Gulf of Mexico at a dayrate of $52,500. This well (estimated to take 40 days to complete) will be drilled immediately following the completion of the rig's current contract which is expected to terminate in late April 2009 or early May 2009. (www.atwd.com)

At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.

Atwood Oceanics, Inc. announced that its wholly owned subsidiary, Atwood Oceanics Pacific Limited (AOPL), has been awarded a contract by Chevron Australia Pty. Ltd. to provide a newly constructed Mobile Offshore Semisubmersible Drilling Unit for a firm three year period, with an option to extend the firm period to six years. The contract provides for an operating dayrate of approximately $470,000, if the firm commitment is three years and approximately $450,000, if the option is exercised to extend the firm commitment period to six years. Both dayrates are subject to adjustment pursuant to cost escalation provisions of the contract. To provide the drilling rig required by this contract, AOPL has executed a construction contract with Jurong Shipyard Pte. Ltd.

As Intelligent Engineering (IE) prepares to carry out another drilling rig repair using its SPS Overlay technology in the reinstatement of the pipe-rack deck on board the Pride South Atlantic, a semi-submersible unit belonging to Pride International, the company's recent focus on the offshore sector is clearly paying dividends. Work on board the Pride South Atlantic, commencing in early July, is the latest in a series of new offshore contracts and will involve the reinstatement of a 490 sq. m. deck area to be carried out at the Maua Jurong facility in Niteroi, close to Rio de Janeiro in Brazil. Denis Welch. "One, a significant percentage of the world's mobile offshore drilling units (MODUs) are 20 years old or more and require steel upgrades and reinstatements.

Atwood Oceanics, Inc. (a Houston based International Offshore Drilling Contractor) said that the VICKSBURG (owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a two-year contract by Chevron Overseas Petroleum (Thailand) Limited ("Chevron") which will immediately follow Chevron's current eight (8) month drilling commitment offshore Cambodia. The VICKSBURG is presently working in Malaysia under drilling commitments with dayrates of $82,000 to $87,000, which should extend to October 2006. After completion of these commitments, the rig will be moved to Cambodia to commence the eight (8) month drilling commitment with Chevron followed by the two-year contract in Thailand.

Keppel AmFELS Inc. is pleased to announce that its contract with a wholly-owned subsidiary of Atwood Oceanics Inc. (Atwood) for the construction of a new jackup rig is now effective. This contract follows the Letter of Intent signed between the two companies announced on 7 February 2006. The rig, excluding Owner Furnished Equipment, is valued at US$110 million and is due for delivery in the third quarter of 2008. Said Mr. Ho Cheok Yuen, President and CEO of Keppel AmFELS, “We are glad that Atwood recognises our ability to deliver solutions on time and on budget. This new rig will be built to the LeTourneau Super 116E design, with leg lengths of 477 feet (and can be upgraded to 511 feet), and capable of drilling wells up to 30,000 feet deep in water depths of 350 feet. Mr.

The Offshore Technology Conference (OTC) board of directors elected the 2004-2005 chairman and vice-chairman during this year’s event that took place 5-8 May at Reliant Center at Reliant Park in Houston. Members of the OTC Board are appointed to four-year terms by their respective society or organization. The OTC Board includes 13 representatives, 11 from OTC’s sponsoring organizations and two from OTC’s endorsing organizations. The two principal officers, the Chairman and the Vice Chairman, are elected for two-year terms by the Board during their annual meeting. The 2004-2005 OTC Chairman is Rod Allan, Manager of Core Expertise for Transocean Offshore Deepwater Drilling, Inc. Allan has served four years on the OTC board and succeeds Charlie Richards of C.A.

The Maritime Administration (MARAD) has approved three applications under Section 9 of the Shipping Act, 1916, as amended. 4,295-gross-ton mobile offshore drilling unit SEASCOUT to Thule Drilling ASA, a Norwegian corporation, and transfer said Vessel to Liberia registry and flag. The vessel was built in 1974 in Baltimore, MD. Ø Moby II, Inc., Stuart, FL, has received approval to transfer the 1,314-gross-ton tanker COASTAL 204 to Panamanian registry and flag, without change in the ownership of said Vessel. The vessel was built in 1970 in Decatur, AL. Ø Port Gardner Tug & Barge, Inc., Bellevue, WA, has received approval to sell the 4,643-gross-ton freight barge DAVY CROCKETT to Real West Recycling…