Atwood Oceanics Offers Update on Status of Atwood Osprey

Atwood Oceanics, Inc.

announced today that its semisubmersible drilling unit, the Atwood Osprey, parted several mooring lines and drifted approximately three nautical miles from its original position during Cyclone Olwyn, which impacted the northwest coast of Australia on March 12th. The rig is currently stable with a support vessel in position, and preliminary results indicate minimal damage with an estimated maximum of 30 days out of service time for repairs. No rig personnel were injured in the event. The Atwood Osprey is contracted to Chevron Australia Pty. Ltd. and was on location at the Iago 1B well. The well had been shut down and secured in accordance with Chevron'apos;s cyclone demobilization procedures and the rig had ballasted down and evacuated all its rig personnel in advance of the cyclone. Atwood Oceanics in coordinating its efforts with Chevron, the Australian offshore regulator (NOPSEMA) and other affected parties.