Atwood Oceanics bags drilling contract form ConocoPhillips Indonesia

Houston-based offshore drilling contractor Atwood Oceanics, Inc. announced Wednesday that Conoco Phillips Indonesia Ltd. (COPI) has given a commitment to utilize the its ?Atwood Beacon? jack up rig a drilling program offshore Indonesia which includes the drilling of three firm wells plus options for four additional wells. COPI is a unit of US oil giant ConocoPhillips.

The Atwood Beacon is equipped with 517 ft of leg and rated to work in up to 400 ft of water and upgradeable to work in deeper water via addition of more leg.

Accoding to the company, the three firm wells have a combined expected duration of ninety days, with the option wells, if exercised, having an expected duration of thirty days each. This commitment provides for a day rate of US$90,000 for the three firm wells, a day rate of $82,400 for any option wells drilled, and a payment of a $800,000 mobilization fee.

?The COPI work will commence immediately upon the rig completing its current contract in Malaysia which is estimated to be in June 2004. Execution of a formalized contract with COPI is pending final Indonesian governmental approval which is expected to occur before the end of May 2004,? the company said.

COPI operates several oil and gas blocks in Indonesia.(alex)