ATP Oil & Gas Said It Will Defer Construction Costs For Octobuoy (ATPG)
Fri. October 02, 2009; Posted: 04:24 PM
Oct 02, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/2/2009 - ATP Oil & Gas Corp. (NASDAQ:ATPG) said Friday that it will defer $99 million in construction costs for the ship Octobuoy's hull. The ship will serve as a floating production and drilling site at ATP's Cheviot field in the North Sea. The hull is the part of the ship that helps the ship move. The deferral will be supported by a letter of insurance issued by the China Export and Credit Insurance Corp after the company said it amended its agreement with COSCO Nantong Shipyard Ltd. ATP expects the ship to be delivered by 2011 and will be on track to begin operating in 2012.
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