Kosmos Energy Announces Rig Contract for Exploration Program
Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) announced today that it has signed a long-term rig agreement with a subsidiary of Atwood Oceanics, Inc. (NYSE: ATW) for the new build drillship Atwood Achiever. Currently under construction in South Korea, the rig is scheduled for completion in June of 2014 and expected to commence drilling operations in the second half of 2014. The signed agreement 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. Within the initial committed period, the Company plans to utilize the rig term on its multi-year, high-impact exploration portfolio, while also allocating a portion of the rig term to one or more E & P operators.
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.
In addition to the Atwood Achiever rig, Kosmos is actively pursuing additional rig capacity for exploration drilling in the first quarter of 2014. Kosmos anticipates utilizing the added rig capacity to drill the Company’s initial exploration well offshore Morocco.
Darrell McKenna, Chief Operating Officer, commented, “We are pleased to have executed the rig contract with Atwood, which builds on our strong previous working relationship, and ensures a highly capable and efficient rig to execute on our transformational exploration program. Despite a tightening rig market, we have been able to secure the long-term rig resources needed to support our drilling plans. In addition, we are closing in on a rig of opportunity that combined, will allow for multiple petroleum system tests for Kosmos in 2014 and beyond.”
Source: Kosmos Energy
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