Atwood Oceanics Inc. has announced that its wholly owned subsidiary, Atwood Oceanics Pacific Ltd. (AOPL), has executed a letter of intent with Keppel AmFELS Inc. for the construction of a mobile self-elevating LeTourneau SUPER 116 jack-up. AOPL has also secured an option to purchase from LeTourneau Inc. a SUPER 116 KIT and license which will be required for construction of the new rig. Rig construction will take place at the Keppel AmFELS yard in Brownsville, Texas, with delivery expected no later than 30 September 2008. AOPL estimates the total cost of construction (including administrative and overhead costs and capitalized interest) at USD 150 million to USD 160 million.
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