Atwood announces contract for ATWOOD SOUTHERN CROSS
  by: OilOnline
  Tuesday, June 27, 2006

Atwood Oceanics, Inc. announced that the ATWOOD SOUTHERN CROSS has been awarded a contract by Vanco International Ltd. to drill one (1) firm well with an option to drill one (1) additional well in the Black Sea off the coast of Ukraine. Revenues from the contract are estimated at US$13 Million (based upon the single firm well plus some rig mobilization time totaling approximately 43 days) or US$26 Million if the option well is drilled. VANCO will, in addition, provide a tow vessel during the rig mobilization phase of the project. The drilling of the one (1) firm well is estimated to take around 40 days to complete and if the one (1) option well is drilled, the program could extend another 40 days. This contract will commence immediately upon the rig completing its current commitments in the Black Sea for Melrose Resources, Toreador Turkey Limited and Turkiye Petrolleri A.O.