The Atwood Admiral. Image courtesy of Atwood Oceanics.

Houston-based contractor Atwood Oceanics has pushed back delivery of two of newbuild drillships that are currently being built at South Korea’s Daewoo Shipbuilding & Marine Engineering under construction at a South Korean yard.

Delivery on the ultra deepwater Atwood Admiral and Atwood Archer will be delayed by six months each.

According to Atwood’s most recent fleet status report filed with the U.S. Securities and Exchange Commission Daewoo has agreed to the delays.

The Admiral was initially scheduled to be deliver in March but will now be deliver in September. The Archer was slated to set sail in December 2015 but its delivery date will now be bumped back to June 2016.

Neither of the unites is currently under contract.

Some analysts reacted negatively to the news.

Cowen & Company said in a market note it believes the delays will have “negative implications for the stock” and lowered its estimate.

However, the New York based analyst firm said the delays could be positive for Atwood in the long term as the newbuilds taper off in the later half of 2016, especially if they don’t hit the company’s bottom line.


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