Atwood negotiates semisubmersible construction option

Atwood Oceanics Pacific Ltd. (AOPL) has executed a construction contract with Jurong Shipyard Pte Ltd. to exercise its option to build an ultra deepwater semisubmersible in Singapore.

Offshore staff

HOUSTON -- Atwood Oceanics Pacific Ltd. (AOPL) has executed a construction contract with Jurong Shipyard Pte Ltd. to exercise its option to build an ultra deepwater semisubmersible in Singapore. The rig will be based on the Friede & Goldman Ex-D Millennium dynamically-positioned semisubmersible design and will be delivered in mid-2012.

The rig is to be built for water depths of 10,000 ft (3,048 ft). The total cost of the new rig, including administrative and overhead costs and capitalized interest, will be $750 million to $775 million, payable in installments tied to completion of certain milestones.

AOPL also is constructing a conventionally moored semisubmersible with Jurong, scheduled for delivery in early 2011. The semisubmersible already is contracted with Chevron Australia. AOPL has an option for a third rig with Jurong, which requires commitment within 180 days of the execution of the subject construction contract, but no determination has been made at this time.

07/08/2008
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