Bermuda-based independent oil and gas exploration and production company Kosmos Energy has signed a long term rig contract with Atwood Oceanics’ subsidiary for the under construction drillship Atwood Achiever.

Under the initial three years rig agreement, Kosmos has agreed to pay about $595,000 every day to Atwood, while the contract has an option to be extended for additional three-years.

The company has plans to utilize the rig for its exploration portfolio and also allocate a portion of the rig term to one or more exploration and production operators.

Kosmos Energy chief operating officer Darrell McKenna said the company will use the rig for its exploration program.

"Despite a tightening rig market, we have been able to secure the long-term rig resources needed to support our drilling plans," McKenna added.

"In addition, we are closing in on a rig of opportunity that combined, will allow for multiple petroleum system tests for Kosmos in 2014 and beyond."

Atwood Achiever is a 6th generation ultra-deepwater drillship with offline capabilities and two BOP systems and it can drill to total depths of up to 40,000ft and in water depths of up to 12,000ft.

The drillship is being built in South Korea and is scheduled for completion in June 2014, while it can be used for drilling activities in the second half of 2014.