[ 09-October-2020] ATLANTICA TENDER DRILLING LTD. (ATDL) – Petrobras contract update

Bermuda, 09 October 2020 – ATDL has agreed a contract amendment with Petrobras for the use of the 2013 built semi-tender unit BassDrill Beta. The rig remains on long-term standby. ATDL has agreed amended terms for the current standby period, including a lower day rate and the corresponding ability for ATDL to reduce contractual manning and associated costs. The notice period for Petrobras to exercise the additional on year option, which would extend the contract from March 2021 to March 2022, has been moved from November 2020 to December 2020. ATDL has also now received a USD 8.3 million settlement from Petrobras in relation to historical withholding tax changes.

For further information, please contact:
Reese McNeel
Atlantica Tender Drilling Ltd.
+47 415 08 186