Atwood Oceanics, Inc. announced that the Atwood Southern Cross has been awarded two new contracts. A one-well contract awarded by Oil Fields Ltd. to drill off the coast of Israel and a two-well plus one option well contract awarded by Eni S.p.A. - AGIP division to drill off the coasts of Sicily and Calabria. The operating dayrate for the Oil Fields Ltd. well is $60,000, with the well estimated to take 30 days to complete. The operating dayrate for the AGIP work is $60,000, with this work estimated to take 60 to 90 days to complete. AGIP will pay rig mobilization costs from Israel to Sicily. AGIP is also paying $550,000 for upgrade of the Atwood Southern Cross to meet certain Italian requirements. Additionally, prior to commencing drilling operations, the rig must undergo certain Italian inspections estimated to take five to ten days to complete, with the first five days at zero rate and $38,000 per day for all days beyond the first five days. The Atwood Southern Cross is expected to complete its current contract around mid-July 2002 and is not expected to commence the Oil Fields Ltd. work until mid-August 2002. During this expected month idle period, the rig will undergo required regulatory inspections and upgrades for the AGIP contract.
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