This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Atwood Oceanics' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Turning to our fleet operations for the quarter. We completed our planned regulatory work and associated maintenance on the Atwood Hunter in less than our expected out-of-service time prior to the rig's move from Ghana to Equatorial Guinea. We also completed maintenance work on the Vicksburg without incurring any lost revenue due to some good planning by the rig and our Houston technical team.

The regulatory work that we anticipated completing on the Atwood Beacon in the fourth quarter has now been delayed until at least this current quarter, owing to the extended duration of the drilling program in Suriname.

This past quarter and the month of October, we're very busy for our marketing team as we achieve 3 significant fixtures, which I will discuss in more detail. Altogether, these 3 agreements added more than $890 million to our contract backlog.

Our revenue backlog stands at approximately $1.8 billion as of November 1, which is approximately 50% higher than it was on this date a year ago. The first 2 significant fixtures were for the Atwood Eagle and Atwood Falcon, as both rigs committed to drill for Apache offshore in northwest Australia. The Eagle's program is for 18 months and will commence upon conclusion of our 6-month contract with Chevron next year. We anticipate this to occur around September of 2012, meaning the Eagle will be busy with Apache until March 2014.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs