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HOUSTON - Offshore drilling contractor Atwood Oceanics Inc. said Monday that its subsidiary, Atwood Oceanics Pacific Ltd., has contracted with Singapore's Jurong Shipyard Pte. Ltd. to build a floating drilling machine.
| ATW | 37.15 |  0.76 |
The company expects the new rig will cost between $750 million and $775 million payable in installments tied to completion of certain milestones. The company plans to finance the purchase with cash and debt.
The rig is scheduled for delivery in mid-2012. It is the second such machine the company has purchased from Jurong; the first is set to be completed in early 2011 and is already contracted by Chevron Australia.
Atwood Oceanics has an option from Jurong to purchase a third rig, though the company has not determined whether it will exercise the option.
Shares of Atwood Oceanics stock rose 17 cents to $111.03 in after-hours trading after dropping $4.21 or 3.7 percent to $110.86 in the regular session Monday.
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