Atwood Oceanics announced that one of its subsidiaries agreed to an extension and rate adjustment to its existing contract with Noble Energy for the ultra deepwater rig, the Atwood Advantage, effective 9 November, 2015.
The agreement is to extend the contract for the purposes of a plugging and abandoning four-well program in the Gulf of Mexico that has an estimated duration of 120 days during the contract term and is anticipated to occur in 2016. This extension adjusts the operating day rate to approximately US$240,000 per day only during the four plug and abandon wells and makes the new contract expiry date approximately August 2017.