Atwood wins Turkish contract
Posted: 1 May 2006
Atwood Oceanics reported that the Atwood Couthern Cross (owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a contract by Turkiye Petrolleri A.O. to drill three (3) firm wells with options to drill three (3) additional wells off the coast of Turkey.
The contract provides for an operating dayrate for the three (3) firm wells of $290,000, with an operating dayrate of $320,000 for the option wells.
TPAO will provide a tow vessel and dayrate during rig mobilization and is obligated to pay on behalf of the Company all Turkish income tax assessments.
The drilling of the three (3) firm wells is estimated to take one hundred days to complete. If all of the option wells are drilled, the drilling program could extend another one hundred days.
This contract will commence immediately upon the rig completing its current commitments in the Black Sea for Melrose Resources and Toreador Turkey Limited (estimated May - July 2007).
It now appears that the rig's contract with ENI will not be completed until August - September 2006.
Posted by Richard Price, Editor, EnergyME.com
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