[13-March-2020] ATLANTICA TENDER DRILLING LTD. (ATDL) – PETROBRAS CONTRACT EXTENSION AND FLEET STATUS UPDATE

Bermuda, 13 March 2020, ATDL has today agreed a further contract extension with Petrobras for the use of the 2013 built semi-tender unit BassDrill Beta. The contract has been extended for 1 year to March 2021. Petrobras also has the option to extend the contract for an additional year to March 2022. The option shall be exercised prior to November 2020. The rate and terms agreed with Petrobras are broadly in line with existing terms.

As announced on 12 February 2020, Total has chosen to only complete the 17 well primary drilling campaign on the Moho Nord field offshore the Republic of Congo, Brazzaville. The Atlantica Delta is expected to be demobilized in mid-2020.

ATDL is actively pursuing potential re-deployment opportunities for the Atlantica Delta unit. Subject to securing a contract, the vessel would be upgraded and modified from Q2 to Q4 2020 with commencement of a new contract from earliest late Q4 2020 / Q1 2021. Should a contract not be secured, the vessel will be laid up pending the securing of a new contract.

ATDL has implemented measures and is working with its clients to protect the health of all its employees and partners and to mitigate the operational impact due to the ongoing COVID 19 pandemic.

ATDL also plans to implement further cost reduction and other financial measures in the coming weeks in response to the Atlantica Delta unit ending its contract.

For further information, please contact:

Reese McNeel

CFO

Atlantica Tender Drilling Ltd

+47 415 08 186

reese.mcneel@atlanticatd.com



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