ATWOOD OCEANICS ANNOUNCES CONTRACT EXTENSION
FOR THE ATWOOD ORCA
HOUSTON, September 20, 2017 - Atwood Oceanics, Inc. (NYSE: ATW) announced today that one of its subsidiaries has agreed to a four month extension on the jackup rig Atwood Orca with Mubadala Petroleum for drilling operations offshore Thailand. The new contract is at an undisclosed day rate that is higher than the current day rate, and it includes two four-month options that are priced at successively higher day rates than the new firm day rate.
As a result of this contract, the expected earliest availability of the Atwood Orca is August 2018, assuming no options are exercised. If both options were to be exercised, the drilling program would be expected to extend until approximately April 2019.
Atwood Oceanics, Inc. is a leading offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry. The Company owns 9 mobile offshore drilling units and is constructing two ultra-deepwater drillships. The Company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."For more information about the Company, please visit www.atwd.com.
Contact: Mark W. Smith
Senior Vice President and CFO
Forward Looking Statements
Statements contained in this press release with respect to the future, including the date through which the contract extends and expected availability of the rig, are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements are subject to numerous risks, uncertainties and assumptions and actual results could differ materially from those anticipated as a result of various factors including: uncertainties related to the level of activity in offshore oil and gas exploration and development; oil and gas prices; competition and market conditions in the contract drilling industry; our ability to enter into and the terms of future contracts; possible cancelation or suspension of drilling contracts; the availability of qualified personnel; labor relations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreign operations (including risk of war, civil disturbances, seizure or damage to equipment and exchange and currency fluctuations); the impact of governmental and industry laws and regulations; and environmental matters. These factors and others are described and discussed in our most recently filed annual report on Form 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Each forward looking statement speaks only as of the date of the particular statement and we undertake no duty to update the content of this press release or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.
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