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Atwood Oceanics Announces New Drilling Contract In Thailand

Published: 15-Jul-2009

By: Staff Writer Staff Writer Staff Writer

Atwood Oceanics, Inc. (Atwood Oceanics), a Houston-based drilling contractor, said that VICKSBURG has secured a contract from NuCoastal (Thailand) Limited (NuCoastal) to drill offshore Thailand. The drilling program is for three months with an option to extend further to six months. This option must be worked out no later than 30 days after beginning of the contract.

If the duration of the drilling program is for the three months firm period only, the operating dayrate will be $95,000; however, if the drilling program extends for six months the operating dayrate will be adjusted to $90,000 for the entire period.

VICKSBURG is currently undergoing a life enhancing upgrade at a shipyard in Thailand which is expected to be completed on or before August 28, 2009. Immediately upon the rig completing this upgrade, it will commence working under the contract with NuCoastal.

VICKSBURG is owned and operated by Atwood Oceanics Pacific Limited, a wholly-owned subsidiary of Atwood Oceanics.

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