Helis extends Atwood's Richmond contract

Helis Oil and Gas Co. says it has extended its contract with Atwood Oceanics, Inc. for use of the submersible rig Richmond on eight additional wells in the GoM.

Offshore staff

(US) – Helis Oil and Gas Co. says it has extended its contract with Atwood Oceanics, Inc. for use of the submersible rigRichmond on eight additional wells in the GoM.

Helis and Atwood have also agreed that the contract could be further extended by up to four wells subject to reaching a mutually agreed day rate. After completing the drilling of the current well in progress, the rig will now have 10 firm wells to drill for Helis, which could tie-up the rig until mid-2007.

The operating day rate for the current and next two wells (expected to be completed in May 2006) will be $45,000; while the day rate for the additional eight wells will be $80,000.

01/25/06

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