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Atwood CEO hits ‘pause’ after investing $4.5 bn to add rigs

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HOUSTON (Bloomberg) -- Atwood Oceanics Inc. is putting the brakes on building more ultra-deepwater oil and natural gas drilling rigs because of waning customer demand as it wraps up a $4.5 billion, six-year expansion plan. The rig owner let an option to order a new vessel from Daewoo Shipbuilding & Marine Engineering Co. expire last month, CEO Rob Saltiel said in an April 4 interview at his company’s new headquarters in Houston. Atwood won’t build any more rigs while it has two drillships under construction without contracts for work.


Atwood CEO hits ‘pause’ after investing $4.5 bn to add rigs Atwood CEO hits ‘pause’ after investing $4.5 bn to add rigs Reviewed by Crude Oil Facilitators on 18:31 Rating: 5

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