Atwood Oceanics orders new jack-up

News - August 10, 2001

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Atwood Oceanics, the Houston-based international offshore drilling contractor, has announced that its wholly-owned subsidiary, Atwood Oceanics Pacific Limited, has entered into a construction agreement with Keppel FELS Limited, to construct a KFELS Mod Venhanced B-class jack-up drilling unit.

The jack-up will be built to work in up to 350ft water depth, and will include, among other items, a 70ft cantilever, accommodation for 112, three 2,200hp mud pumps and self-positioning system.

The company expects the construction of the unit to be completed in June 2003, with a total cost, including owner furnished equipment and capitalised interest, of approximately $125 million.

The construction of the drilling unit will be financed through the company's existing credit facility and cash on hand.

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