Atwood Oceanics Wins Contract for Atwood Beacon, Adds $128M in Sales Backlog
Atwood Oceanics, Inc. (NYSE: ATW) announced today that one of its subsidiaries has been awarded a drilling services contract for the Atwood Beacon by Eni S.p.A. The Atwood Beacon is currently working offshore Israel under a contract which is expected to conclude by July 2013. The rig will then mobilize to Italy in direct continuation of this contract and will incur certain costs related to compliance with local laws and regulations.
The new contract has a firm duration period of two years plus one optional year period, exercisable with one year notice from the expiry of the firm period. This contract adds $128 million in revenue backlog.
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