Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2006contract award▲ Good
The ATWOOD SOUTHERN CROSS lined up a third Turkish contract, this time with state oil company TPAO at $290,000-320,000/day -- more than double the $125,000 rate it won in December, a sign of how fast dayrates were climbing.
Following the 2-for-1 stock split announced March 2, the company adjusted its shareholder rights plan's share-purchase ratio to match -- a technical follow-through with no substantive change to holders' rights.
Fleet update: the SEAHAWK finished a Sarawak Shell job and headed into a $20 million shipyard upgrade ahead of a new long-term West Africa contract with Amerada Hess, while the SOUTHERN CROSS and EAGLE kept working through their existing Black Sea and Australian commitments.
Atwood ordered its first newbuild rig, a $160 million jackup from Keppel AmFELS due by September 2008, which will become the company's ninth mobile drilling unit.
Shareholders approved changes to the non-employee director stock plan, replacing annual stock-option grants with $40,000 of restricted stock per director each year.
Shareholders approved a restated corporate charter doubling authorized common shares to 50 million and modernizing the company's incorporation documents under Texas's new business-organizations law.
The ATWOOD EAGLE added a one-well ENI Australia contract ($360,000/day) plus a Woodside extension ($420,000/day), stacking up behind its existing Woodside and BHP Billiton commitments offshore Australia.
The ATWOOD SOUTHERN CROSS won a three-well contract with Toreador Turkey at $125,000/day in the Black Sea, its next job after finishing existing work off Bulgaria for Melrose Resources.