Atwood Oceanics Announces Contract Extension for the Atwood Osprey

abarrelfull wrote on 24 Apr 2012 07:38
Tags: atwood australia chevron services

Latest News

• Want a weekly review of refining news?

• This Week in Refining
• RSS Feed

ATWOOD OCEANICS, INC. announced today that one of its subsidiaries has been awarded a three year contract extension by Chevron Australia Pty Ltd ("Chevron"), for the semisubmersible Atwood Osprey. The Atwood Osprey commenced its initial three year drilling services contract with Chevron on May 27, 2011 for operations offshore Australia inclusive of the Greater Gorgon field development project. With this contract extension, the Atwood Osprey is now committed through May 2017.

The operating day rate for the initial three year period remains unchanged. The operating day rate at the start of the extension period is estimated to be approximately $470,000, exclusive of the total cost escalation adjustments which occur during the initial term and will be additive to the operating day rate during the extension period. The contract provisions during the extension period provide for continued annual cost escalation adjustments, enhanced rig equipment maintenance and repair time allowances, and other adjustments to the initial contract's terms and conditions.

• Atwood Oceanics Announces Contract Extension for the Atwood Osprey

---