Updated from 3:33 p.m. EDT

Atwood Oceanics ( ATW) announced Monday that it had not secured a contract commitment for its rig the Atwood Southern Cross, nor does it expect to have one through June 30.

The Houston, Texas-based offshore drilling company said the Southern Cross is currently on location off the shore of Egypt and will commence working under its contract with RWE DEA NileGmbH next month. The company said it would continue to seek a contract for the rig.

According to a filing with the Securities and Exchange Commission, the Southern Cross generated $117.6 million in revenue for fiscal 2008, up from $62.3 million in 2007. Atwood attributed the rise in revenue to higher day-rate contracts.

Atwood, which competes with such firms as Diamond Offshore Drilling ( DO), Nabors Industries ( NBR), Transocean ( RIG) and Noble ( NE), closed Monday down 6.9% to $16.33.

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