Atwood Oceanics, Inc. (ATW) announced that the offshore employees of its Australian operating subsidiary have approved a new four year Enterprise Bargaining Agreement ("EBA"). Among other provisions, the EBA provides clarity on working conditions for Atwood Oceanics' Australian offshore employees and resets wage levels to better align with current offshore drilling industry market conditions. The EBA will take effect upon the expiry of the nominal term of the current EBA on 24 November 2017, once it is approved by the Australian Fair Work Commission (which is anticipated to occur in September).
Rob Saltiel, President and Chief Executive Officer of Atwood Oceanics, commented, "We are very pleased that our Australian offshore employees have ratified the new EBA. This is an agreement which has been developed after constructive negotiations with the employees directly affected, as occurred with our previous EBAs. Through application of cost reduction initiatives and innovative approaches to offshore employment, this agreement will reduce offshore personnel costs by more than 19% in its first year and will allow Atwood Oceanics to provide our clients in Australia superior drilling services at more competitive day rates over the next years. We have operated in Australia since 1972, and we look forward to a bright future in this important offshore energy market."
Atwood Oceanics, Inc. is a leading offshore drilling contractor engaged in the drilling and completion of exploratory and developmental wells for the global oil and gas industry. The Company owns 10 mobile offshore drilling units and is constructing two ultra-deepwater drillships. The Company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."