By Houston Business Journal

An Atwood Oceanics Inc. subsidiary is investing about $600 million in a new ultra-deepwater drillship.

Daewoo Shipbuilding and Marine Engineering Co. Ltd. will build the drillship for Atwood Oceanics Pacific Ltd. that will be named Atwood Advantage, a DP-3 dynamically-positioned, dual derrick ultra-deepwater drillship rated to operate in water depths up to 12,000 feet and to drill to a depth of 40,000 feet.

Houston-based Atwood (NYSE: ATW) expects the drillship to be delivered in late 2013. At that time, the drilling contractor will own 15 mobile offshore drilling units.

In addition, the company said that its subsidiary also secured options to construct one or two additional ultra-deepwater drillships.

Copyright 2011 American City Business Journals

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