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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

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