Kosmos Energy Ltd.
) is making well planned forays into offshore Morocco. For this
purpose, the oil and gas exploration and production company has
signed a long-term rig agreement with
Atwood Oceanics, Inc.
) contracting the new build drillship Atwood Achiever. The
contract covers an initial period of three years at a day rate of
approximately $595,000, with an option to extend the contract for
an additional three-year term. Initial estimates for the total
value of the contract come at $652 million.
ATWOOD OCEANICS (ATW): Free Stock Analysis
DAWSON GEOPHYS (DWSN): Free Stock Analysis
EXTERRAN HLDGS (EXH): Free Stock Analysis
KOSMOS ENERGY (KOS): Free Stock Analysis
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The aforementioned drillship currently under construction in
South Korea is scheduled for completion in Jun 2014. Kosmos
expects to commence drilling operations in the second half of
The Atwood Achiever is a 6th generation ultra-deepwater,
dynamically positioned drillship with enhanced offline
capabilities and two BOP systems. The rig's capabilities include
drilling to total depths of up to 40,000 feet, and in water
depths of up to 12,000 feet.
Kosmos Energy operates as an oil and gas exploration and
production company focusing on under-explored regions in Africa.
The company is based in Hamilton, Bermuda. The company's asset
portfolio includes the existing production and other major
project developments offshore Ghana, as well as exploration
licenses with significant hydrocarbon potential offshore Ireland,
Mauritania, Morocco and Suriname and onshore Cameroon.
The company is making great strides in under-explored regions in
Africa. Last month, it received regulatory approval for its
Tweneboa-Enyenra-Ntomme (TEN) discoveries in Ghana.
Located in the Deepwater Tano Block, 60 kilometers (37 miles)
offshore Ghana and approximately 30 kilometers (18 miles) west of
the Jubilee Field, the TEN project would be a major expansion for
Kosmos. The project is expected to start delivering oil from
2016, with a plateau production rate of 80,000 barrels of oil per
Kosmos Energy holds a Zacks Rank #3, which is equivalent to a
Hold rating for a period of one to three months. However, there
are other stocks in the sector -
Dawson Geophysical Company
Exterran Holdings, Inc.
) - which are expected to outperform over the next few months and
carry a Zacks Rank #1 (Strong Buy).