HOUSTON -- Atwood Oceanics Inc.'s semisubmersible drilling rig Atwood Hunter will move to Egypt to work for Burullus Gas Co. following completion of its current drilling program for Woodside Energy Ltd. offshore Libya.
The Burullus contract is expected to take 140 days to complete (including mobilization and demobilization to the point of origin in the Mediterranean Sea) with day rates of $320,000 for the first 90 days, $355,000 the next 35 days, and $410,000 thereafter, Atwood says.
Immediately upon completion of its work in Egypt, the rig is expected to move to Mauritania to resume the Woodside contract at a day rate of $240,000. The Woodside contract provides for two 6-month options. An agreement for Woodside to use the rig beyond its current commitment must be executed by Dec. 15, 2007, Atwood says.