OREANDA-NEWS. Atwood Oceanics, Inc.  (NYSE: ATW) announced that, effective today, one of its subsidiaries agreed to a one-year extension and rate adjustment to its existing contract with Kosmos Energy Ventures for the ultra-deepwater rig, the Atwood Achiever.  The Atwood Achiever commenced its three-year drilling services contract with Kosmos Energy on November 12, 2014, for operations offshore Northwest Africa.  The agreement adjusts the operating day rate to approximately $495,500, net of taxes, and extends the contract end date to November 12, 2018.  As part of the agreement, Kosmos Energy has an option, which may be exercised at any time through October 1, 2016, to revert the contract to the original operating day rate and original end date. Exercising this option will result in a payment that includes the difference in day rates, taxes, and an administrative fee covering the time periods for which the reduced day rate was invoiced.   

Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, remarked, "Following our recent basin-opening discovery offshore Mauritania, the extension of the Atwood Achiever contract will enable us to continue executing our active exploration and appraisal program in the Atlantic Margin. We enjoy an excellent relationship with Atwood Oceanics, and the Achiever continues to deliver safe and reliable drilling performance for Kosmos Energy."

Rob Saltiel, President and Chief Executive Officer of Atwood Oceanics, commented, "We appreciate the confidence that Kosmos Energy has in our performance to extend the Atwood Achiever contract from its original term.  Atwood is proud to play a key role in this important exploration campaign and to advance Kosmos Energy's success in Northwest Africa."  

Atwood Oceanics, Inc. is a leading offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry. The Company currently owns 11 mobile offshore drilling units and is constructing two ultra-deepwater drillships.  The Company was founded in 1968 and is headquartered in Houston, Texas.  Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."