Atwood Oceanics announces contract for the Atwood Beacon

Atwood Oceanics, Inc. announced June 5 that one of the company's subsidiaries was awarded a drilling services contract for the Atwood Beacon.

Atwood Oceanics, Inc. announced June 5 that one of the company's subsidiaries was awarded a drilling services contract for the Atwood Beacon. Eni S.P.A. awarded the drilling services contract while the rig finishes work offshore Israel under a contract that ends in July.

Once the work in Israel is done, the rig is expected to move to Italy under the newly awarded contract. The contract has a firm duration period of two years with the option of an additional year. In order to exercise the optional year, Atwood Oceanics must decide one year before the contract expires. While relocating to Italy, the rig will incur costs related to following local laws and regulations.

Atwood said the contract added $128 million in revenue backlog for the company. The global offshore drilling contractor currently owns 13 mobile offshore drilling rigs and is in the process of constructing three ultra-deepwater drillships.

Visit PennEnergy's research area to learn more about the drilling rig market forecast.

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