Atwood Osprey’s contract shortened by one year
HOUSTON -- Atwood Oceanics, Inc. announced Friday that the company has entered into an amendment to its contract for its semisubmersible drilling unit, the Atwood Osprey.
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 12.
The duration of the force majeure event and resultant repairs necessitated by the damage incurred from the cyclone have triggered termination rights in relation to which the parties have agreed to a reduction in the term of the contract by one year with contractual rates remaining unchanged.
It is expected that repairs for damage sustained by the rig and required regulatory approvals will be completed by April 30.
