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.


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