The six-month extension is expected to start in the first quarter of 2011 when the newbuild Atwood Osprey is delivered to Chevron for a three-year contract with options to extend the term by up to three years.
Atwood said the new day rate for the rig will be around $390,000, down from about $450,000 currently.
While the Atwood Eagle is capable of drilling to 25,000 feet in water depths up to 5000 feett, the Atwood Osprey, which is being built at Jurong Shipyard in Singapore, will be able to drill up to 32,000 feet in water depths of up to 8200 feet.
