Coastal Energy Company announces the signing of a contract with a subsidiary of Atwood Oceanics, Inc. for the Manta jackup drilling rig for its operations in the Gulf of Thailand and offshore Malaysia.
In accordance with the contract, Coastal will pay a $145,000 day rate throughout the 12 month firm duration. The Company anticipates delivery of the Manta by late November.
Randy Bartley, President & Chief Executive Officer, commented: “We are pleased to announce the signing of this contract with Atwood and are eager to commence drilling with the Manta later this year. The addition of a second drilling rig is an important milestone for Coastal, as it will allow us to conduct our development and exploration programs simultaneously. Given the active drilling program that we have outlined, we believe a two rig program is an appropriate step toward unlocking the value of our highly prospective asset base.”
Coastal Energy Company, October 4, 2012