In June 2013, a subsidiary of Atwood Oceanics , Inc. (“Atwood”) entered into a drilling services contract with Kosmos Energy (“Kosmos”) for the dynamically - positioned, ultra - deepwater drillship, Atwood Achiever, for a three - year drilling program, which includes activities in the Cap Boujdour block offshore Western Sahara, the company said in its press release.
Atwood has conducted comprehensive due diligence and has satisfied itself that all of its activities under the Kosmos contract will comply with international law. Atwood enjoys a longstanding relationship with Kosmos and Atwood has every intention of honoring this contract . Kosmos recently signed a Joint Declaration of Principles with a governmental agency of the Kingdom of Morocco, Office National des Hydrocarbures et des Mines (“ONHYM”), on 19 December 2013.
The Joint Declaration of Principles clearly underscores Kosmos and ONHYM ’ s determination to ensure: “ ... the exploration and production of hydrocarbon natural resources will be in accordance with the principles enshrined in the Kingdom of Morocco Constitution and international standards, including those fr o m the U nited Nations C harter stipulated in letter S/2002/161 dated January 29, 2002, addressed to the President of the UN Security Council, signed by the Under - Secretary General for Legal Affairs , and guidelines recommended by the “New model of development” of the Conseil Econo mique, Social et Environnemental (CESE), from November 2013, namely that local populations and their representatives are involved and consulted and that they will benefit equitably and effectively therefrom. ” We also refer you to Kosmos’ position statement regarding hydrocarbon exploration offshore Western Sahara.