Chevron contracts Atwood Eagle for Australian drilling campaign

By Phaedra Friend Troy

Houston-based international offshore drilling contractor Atwood Oceanics (NYSE:ATW) has been awarded a six-month drilling contract by Chevron (NYSE:CVX) for the Atwood Eagle.

An ultra-deepwater semisubmersible drilling rig, the Atwood Eagle will be working in the waters offshore Australia. Able to drill to a total depth of up to 25,000 feet deep, the semisub is rated for waters up to 5,000 feet deep. 

Prior to this contract award, Chevron currently had the Atwood Eagle under contract through November 2011 at a day rate of $390,000. 

This contract extends the firm contractual commitments for the rig through July 2012. The new day rate will be approximately $370,000. 

Chevron also has the newbuild ultra-deepwater Atwood Osprey semisub under contract offshore Australia. Contracted through May 2014, the Atwood Osprey is earning a day rate of $490,000.

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