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Atwood Oceanics Announces changes to Ultra-Deepwater Drillship Delivery and Milestone Payment Schedules

Atwood Oceanics announced today that subsidiaries of the Company have  agreed with Daewoo Shipbuilding & Marine Engineering Co. (DSME) to  delay the Company’s requirement to take delivery of two newbuild ultra-deepwater drillships, the Atwood Admiral  and the Atwood Archer, to September 30, 2017 and June 30, 2018, respectively.

In consideration of the agreement, the Company will make payments of $50 million for each drillship on December 31, 2015, and DSME will extend all remaining milestone payments, $93.9 million for the Admiral and $305 million for the Archer, until their respective delivery dates.  The Company retains the option to take earlier delivery of each vessel, subject to a forty-five (45) day notice period to DSME.

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