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Kosmos Chops Dayrate For Drillship Atwood Achiever

Atwood Oceanics’ ultra-deepwater drillship Atwood Achiever has been awarded a contract extension with a reduced dayrate.

Namely, Kosmos Energy, an independent oil and gas exploration and production company, said on Thursday the contract for the drillship was extended by one year, but the dayrate was reduced.

The Atwood Achiever started its three-year drilling services contract with Kosmos Energy on November 12, 2014, for operations offshore Northwest Africa. The agreement adjusts the operating dayrate to approximately $495,500, net of taxes, and extends the contract end date to November 12, 2018. The drillship’s previous dayrate was $595,000.

As part of the agreement, Kosmos Energy has an option, which may be exercised at any time through October 1, 2016, to revert the contract to the original operating dayrate and original end date. Exercising this option will result in a payment that includes the difference in dayrates, taxes, and an administrative fee covering the time periods for which the reduced dayrate was invoiced.

Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, remarked, “Following our recent basin-opening discovery offshore Mauritania, the extension of the Atwood Achiever contract will enable us to continue executing our active exploration and appraisal program in the Atlantic Margin. We enjoy an excellent relationship with Atwood Oceanics, and the Achiever continues to deliver safe and reliable drilling performance for Kosmos Energy.”

Rob Saltiel, President and Chief Executive Officer of Atwood Oceanics, commented, “We appreciate the confidence that Kosmos Energy has in our performance to extend the Atwood Achiever contract from its original term. Atwood is proud to play a key role in this important exploration campaign and to advance Kosmos Energy’s success in Northwest Africa.”

According to Marine Traffic, the drillship is currently located offshore Mauritania.

The Atwood Achiever is a 6th generation ultra-deepwater, dynamically positioned drillship built in 2014. Its capabilities include drilling to total depths of up to 40,000 feet, and in water depths of up to 12,000 feet.

Offshore Energy Today
Offshore Energy Today
Published on:
October 1, 2015
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