Atwood sells Seascout semi

Offshore staff

(Houston) - Atwood Oceanics, Inc. announced that on October 5 it closed the sale of theSeascout semisubmersible drilling rig to a Norwegian company for $10 million (net after certain expenses), which will result in a gain of approximately $1 million ($.06 per diluted share after tax effect).

TheSeascout has been cold-stacked since its purchase in 2000. The company said in its second quarter financial report that the semisubmersible hull could be converted and upgraded to a semisubmersible tender assist vessel. The drilling contractor added that its estimates the cost to convert and upgrade the semi would range from $70 million to $80 million.

10/07/05