The drillship, Atwood Archer, is expected to be delivered by December 2015.
Atwood Oceanics said Atwood Archer will be the 17th mobile offshore drilling unit owned by the company.
The company currently owns 13 mobile offshore drilling units and is constructing four ultra-deepwater drillships.
The DP3-capable Atwood Archer will feature dual derrick ultra-deepwater drilling rated to operate in water depths up to 12,000 feet and drill to a depth of up to 40,000 feet.
In connection with the exercise of the option, Atwood Oceanics has secured an option to construct a fifth similar unit at a similar cost, with an expected delivery in September 2016 if the option is exercised by March 2014.
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