Texas-based offshore drilling contractor
Atwood Oceanics, Inc.
) subsidiary has inked a contract with oil and gas firm CEC
International, Ltd. for the newbuild jackup Atwood Manta. The rig
will be deployed in the Gulf of Thailand and offshore Malaysia.
ATWOOD OCEANICS (ATW): Free Stock Analysis
NOBLE ENERGY (NBL): Free Stock Analysis Report
To read this article on Zacks.com click here.
The rig has been contracted at a dayrate of $145,000 for a period
of 12 months. Currently, Atwood Manta is under construction in
Singapore with PPL Shipyard PTE LTD. The rig is expected to be
delivered by November 2012 and will be operational from December
The Atwood Manta will be equipped with offline handling feature and
will be capable of functioning at a water depth of 400 feet. It
will have a capacity to accommodate 150 personnel.
The contract signifies Atwood Oceanics' emphasis on further
expanding its overseas offshore exploration programs. We believe
the company's new strategy of optimizing its global oil and natural
gas drilling assets will generate favorable returns.
Moreover, the steady rise in crude oil and slowly recovering
natural gas prices in the international market will propel the
revenue performance of the company.
Recently, a subsidiary of Atwood Oceanics was awarded a three-year
Noble Energy Inc.
) for the construction of a new build drillship to enhance its
major deepwater exploration and development activities.
Atwood Oceanics owns a fleet of 11 mobile offshore drilling units
and has three ultra-deepwater drillships and two high-specification
jackups under construction. The company mainly focuses on the
drilling and completion of exploratory and developmental oil and
Atwood Oceanics carries a Zacks #3 Rank, which is equivalent to a
Hold rating for a period of one to three months.