Atwood Oceanics says that Vicksburg jackup (owned and operated by our wholly-owned subsidiary, Atwood Oceanics Pacific Limited) has been awarded a contract by NuCoastal (Thailand) Limited to drill offshore Thailand under a firm program of three months with an option to extend the program to six months. The option to extend the program to six months must be exercised no later than 30 days after commencement of the contract.

If the duration of the drilling program is for the three months firm period only, the operating dayrate will be $95,000; however, if the drilling program extends for six months the operating dayrate will be adjusted to $90,000 for the entire period.

The Vicksburg is currently undergoing a life enhancing upgrade at a shipyard in Thailand which is expected to be completed on or before August 28, 2009. Immediately upon the rig completing this upgrade, it will commence working under the contract with NuCoastal.

Tags: Atwood Oceanics