Atwood Oceanics Pacific Limited (AOPL) has exercised the first of three options and executed a turnkey construction agreement to construct a third Pacific Class 400 jack-up drilling unit with PPL Shipyard Pte Ltd (PPL).

This rig will have a rated water depth of 400ft, accommodations for 150 personnel and significant offline handling features.

The total cost, including project management, drilling and handling tools, spares and capitalized interest, will be approximately $190m and is scheduled for delivery on 30 June 2013.

Upon delivery, this rig will become the fourteenth mobile offshore drilling unit owned by the company group.

AOPL and PPL have remaining option agreements for up to two additional Pacific Class 400 jack-up drilling units, which require AOPL commitment by 30 June 2011 and 31 December 2011, respectively.