Atwood sees rise in profit. Bags Noble contract extension

While many of its competitors in the offshore drilling market have suffered losses and lower revenues, offshore drilling contractor Atwood Oceanics has been profitable in the third quarter of 2015. In addition, the company has received a contract extension for one of its drillships.

The company on Monday said it had earned net income of $150.7 million in the third quarter 2015, compared to net income of $112.2 million, in the corresponding period last year.

Atwood’s revenues for the quarter ended September 30, 2015, totaled at $363.2 million, versus revenues of $323.4 million for the quarter ended September 30, 2014.

Contract extension

In addition, Atwood Oceanics said on Tuesday that one of its subsidiaries had agreed to an extension and rate adjustment to its existing contract with Noble Energy, Inc. for the ultra-deepwater rig, the Atwood Advantage, effective November 9, 2015.

According to the drilling contractor, the agreement is to extend the contract for the purposes of a plugging and abandoning four well program in the Gulf of Mexico that has an estimated duration of one hundred and twenty days during the contract term and is anticipated to occur in 2016. This extension adjusts the operating day rate to approximately $240,000 per day only during the four plug and abandon wells and makes the new contract expiry date approximately August 2017, Atwood said.

Furthermore, one Atwood’s subsidiaries has received a letter confirming that it has been chosen to enter exclusive negotiations with an undisclosed operator to conclude agreement on a drilling program offshore Brazil starting in the third quarter of 2017. The letter specifies that either the Atwood Admiral or Atwood Archer, ultra-deepwater drillships currently under construction at the Daewoo Shipbuilding & Marine Engineering Co., Ltd yard in South Korea, would be contracted to drill the program.

Atwood said that the letter specified a number of contractual items that have been agreed by the parties, including the commercial rates, well count, minimum term length, and rig acceptance criteria.

Offshore Energy Today Staff

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