Petroleum Africa
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Friday, February 21, 2014
One of Atwood Oceanics’ subsidiaries saw its drilling service contract for the Atwood Aurora drilling rig extended. The rig contract extension comes from Addax Petroleum Cameroon Ltd.
The original contract for a one-year term to be performed offshore Cameroon has been lengthened to a term of two years, and the operating dayrate for the full two-year term will be approximately $185,000 (inclusive of the 15% Cameroon withholding tax) or $158,000 (exclusive of the 15% Cameroon withholding tax), depending on the well location. Cost escalation provisions will apply at the beginning of the second year of the contract term.
Contract commencement is expected to occur in July 2014 in direct continuation of previously announced contractual commitments. With this extension, the firm contractual commitment for the Atwood Aurora is expected to extend to July 2016.
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