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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: April 12, 2005
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
Internal Revenue Service - Employer Identification No. 74-1611874
15835 Park Ten Place Drive, Houston, Texas, 77084
(281) 749-7800
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 7.01 REGULATION FD DISCLOSURE
Additional information with respect to the Company's Contract Status
Summary at April 12, 2005 is attached hereto as Exhibits 99.2, which is being
furnished in accordance with rule 101 (e) (1) under Regulation FD and should not
be deemed to be filed.
ITEM 8.01 OTHER EVENTS
On April 12, 2005, the Company announced that through its wholly owned
subsidiary Atwood Oceanics Pacific Limited the ATWOOD SOUTHERN CROSS has been
awarded contracts by BG International Limited, ("BG"), Isramco and ENI SpA AGIP
Exploration & Production Division ("ENI") to drill one (1) firm well for each
company in the Mediterranean Sea. The BG and Isramco contracts provide for a
dayrate of $60,000. The ENI contract provides for a day rate of approximately US
$73,000. The ENI contract also provides for one (1) option well. All wells are
expected to take 45 days to complete except for the Isramco well which has an
estimated duration of 30 days. The three contracts provide for a combined
mobilization fee and other lump sum advance payments of approximately $9.0
million.
The ATWOOD SOUTHERN CROSS is expected to complete its current drilling
program for Daewoo International Corporation ("Daewoo") in Myanmar by the end of
May 2005. Upon completion of its current drilling program, Daewoo will provide a
tow vessel to move the rig to Singapore. After completion of a survey which is
expected to take approximately one (1) week, the rig will then be moved to the
Mediterranean Sea which will take approximately 60 days. Upon arriving in the
Eastern Mediterranean Sea, the rig will drill one (1) well each for BG and
Isramco, estimated to take 60 to 90 days to complete. The rig will then enter a
shipyard for approximately 30 days to undergo certain required inspections,
Italian certification and equipment upgrades prior to commencing the ENI
contract. The ENI contract provides for a payment of $775,000 during this
shipyard period, which is included in the lump sum payments total referred to
above.
The ATWOOD EAGLE is currently working under a contract with Woodside
Energy, Ltd. ("Woodside") offshore Australia which now includes the drilling of
seven (7) firm wells after Woodside exercised its option to drill three
additional wells. All seven (7) wells have a dayrate ranging from $89,000 to
$109,000, depending upon water depths of each well. Woodside has also been
provided with options to drill three (3) additional wells with a dayrate of
approximately $180,000 for the first option well and approximately $160,000 for
the last two option wells. Upon completion of the current Woodside program
(estimated September 2005), the rig will drill one (1) firm well for BHP
Billiton Petroleum ("BHP"), with BHP having an option to drill one (1)
additional well. If Woodside exercises its three option wells, the rig will then
return to Woodside after BHP's one firm and one option well program to drill
three wells before commencing BHP's second commitment of eight (8) firm wells,
with four (4) additional option wells. If all option wells are drilled, the
combined Woodside and BHP drilling programs could extend into 2007.
A copy of the press release announcing the contract awards to the ATWOOD
SOUTHERN CROSS and options exercised under the ATWOOD EAGLE contract is filed
with the Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
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ITEM 9.01 EXHIBITS
EXHIBIT NO.
EX-99.1 Press Release dated April 12, 2005
EX-99.2 Contract Status Summary at April 12, 2005
Statements contained in this report with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve risks
and uncertainties. Actual results could differ materially from those anticipated
as a result of various factors: the Company's dependence on the oil and gas
industry; the risks involved in the construction and repair of a rig;
competition; operating risks; risks involved in foreign operations; risks
associated with possible disruption in operations due to terrorism; risks
associated with a possible disruption in operations due to war; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company's annual report on Form 10-K for the year ended September
30, 2004, filed with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATWOOD OCEANICS, INC.
(Registrant)
/s/ James M. Holland
James M. Holland
Senior Vice President
DATE: April 12, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated April 12, 2005
EX - 99.2 Contract Status Summary at April 12, 2005
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EXHIBIT EX. - 99.1
ATWOOD ANNOUNCES CONTRACT AWARDS TO THE ATWOOD SOUTHERN CROSS
AND OPTIONS EXERCISED UNDER THE ATWOOD EAGLE CONTRACT
Houston, Texas
12 April 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston based International Offshore Drilling
Contractor - NYSE ATW) announced that through its wholly owned subsidiary Atwood
Oceanics Pacific Limited the ATWOOD SOUTHERN CROSS has been awarded contracts by
BG International Limited, ("BG"), Isramco and ENI SpA AGIP Exploration &
Production Division ("ENI") to drill one (1) firm well for each company in the
Mediterranean Sea. The BG and Isramco contracts provide for a dayrate of
$60,000. The ENI contract provides for a day rate of approximately US $73,000.
The ENI contract also provides for one (1) option well. All wells are expected
to take 45 days to complete except for the Isramco well which has an estimated
duration of 30 days. The three contracts provide for a combined mobilization fee
and other lump sum advance payments of approximately $9.0 million.
The ATWOOD SOUTHERN CROSS is expected to complete its current drilling
program for Daewoo International Corporation ("Daewoo") in Myanmar by the end of
May 2005. Upon completion of its current drilling program, Daewoo will provide a
tow vessel to move the rig to Singapore. After completion of a survey which is
expected to take approximately one (1) week, the rig will then be moved to the
Mediterranean Sea which will take approximately 60 days. Upon arriving in the
Eastern Mediterranean Sea, the rig will drill one (1) well each for BG and
Isramco, estimated to take 60 to 90 days to complete. The rig will then enter a
shipyard for approximately 30 days to undergo certain required inspections,
Italian certification and equipment upgrades prior to commencing the ENI
contract. The ENI contract provides for a payment of $775,000 during this
shipyard period, which is included in the lump sum payments total referred to
above.
The ATWOOD EAGLE is currently working under a contract with Woodside
Energy, Ltd. ("Woodside") offshore Australia which now includes the drilling of
seven (7) firm wells after Woodside exercised its option to drill three
additional wells. All seven (7) wells have a dayrate ranging from $89,000 to
$109,000, depending upon water depths of each well. Woodside has also been
provided with options to drill three (3) additional wells with a dayrate of
approximately $180,000 for the first option well and approximately $160,000 for
the last two option wells. Upon completion of the current Woodside program
(estimated September 2005), the rig will drill one (1) firm well for BHP
Billiton Petroleum ("BHP"), with BHP having an option to drill one (1)
additional well. If Woodside exercises its three option wells, the rig will then
return to Woodside after BHP's one firm and one option well program to drill
three wells before commencing BHP's second commitment of eight (8) firm wells,
with four (4) additional option wells. If all option wells are drilled, the
combined Woodside and BHP drilling programs could extend into 2007.
Statements contained in this release with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking statements involve risks
and uncertainties. Actual results could differ materially from those anticipated
as a result of various factors; the Company's dependence on the oil and gas
industry; the risks involved in upgrade to the Company's rigs; competition;
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operating risks; risks involved in foreign operations; risks associated with
possible disruptions in operations due to terrorism; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company's Annual Report on Form 10-K for the year ended September
30, 2004, filed with the Securities and Exchange Commission.
Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT APRIL 12, 2005
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON JAPAN JAPAN ENERGY DEVELOPMENT The rig has commenced a two-firm well program for
CO. LTD. Japan Energy Development Co., Ltd. The drilling of
these two wells is estimated to take until September
2005 to complete. Upon the completion of the Japan
Energy contract, the rig will return to Malaysia to
drill seven (7) firm wells with options for six (6)
additional wells for Sarawak Shell. The drilling of
the seven (7) firm wells is expected to take
approximately nine months to complete, and if all
option wells are drilled, the contract could extend
another seven to eight months.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. The rig continues to work under its sixteen (16) wells
("BURULLUS") drilling program for Burullus, which is expected to
take until September 2005 to complete. Immediately
upon completion of the current drilling program, the
rig will commence an estimated 30-days equipment
upgrade period to enable the rig to have the
capability of drilling high pressure wells (15,000
P.S.I.). Upon completion of the upgrade, the rig will
commence drilling two (2) firm wells for Burullus off
the cost of Egypt, which is expected to take 270 days
to complete.
ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig is currently working under a contract with
("WOODSIDE") Woodside to drill seven (7) firm wells. The drilling
of the seven firm wells is expected to extend into
August 2005. Woodside has been provided options to
drill three (3) additional wells. Upon completion of
the current Woodside drilling program, the rig will
return to work for BHP Billiton Petroleum to drill one
(1) firm well (expected to take 30 days to complete)
with an option to drill one (1) additional well. The
rig has been awarded an additional contract by BHP to
drill eight (8) firm wells with options for four (4)
additional wells off the Northwest coast of
Australia. The drilling of the eight (8) firm wells
is estimated to take approximately ten (10) months to
complete and if all four (4) option wells are drilled
the contract could extend an additional three (3) to
four (4) months. If all of the option wells are
drilled, the combined Woodside and BHP drilling
programs could extend into 2007.
SEAHAWK MALAYSIA SARAWAK SHELL BERHAD / The rig is currently at a dockside location in
SABAH SHELL PETROLEUM Malaysia and will be off dayrate through April 2005.
COMPANY LIMITED ("SHELL") The rig will return to work in Malaysia in early May
2005 for Shell on a contract that should extend until
the rig commences preparation for its contract
commitment in 2006 for Amerada Hess Equatorial Guinea,
Inc. ("Hess"). The Hess contract is for a firm period
of 730 days with four options of 180 days each.
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ATWOOD SOUTHERN CROSS MYANMAR DAEWOO INTERNATIONAL The rig is currently working under a contract with
CORPORATION ("DAEWOO') Daewoo to drill three (3) wells, which is expected to
be completed in May 2005. Following completion of the
Daewoo drilling program, the rig will be demobilized
to Singapore to prepare for its relocation to the
Mediterranean Sea. The rig is expected to arrive in
the Eastern Mediterranean Sea in August 2005 and will
drill one well each for BG International Limited and
Isramco, which is expected to take 60 to 90 days to
complete. Upon completing the drilling of these two
wells, the rig will enter a shipyard for approximately
30 days for required inspections, Italian
certifications and equipment upgrades prior to
drilling one firm well for ENI SpA AGIP Exploration
Productions ("ENI"), with ENI having an option to
drill one additional well.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for future
GULF OF MEXICO conversion to a tender-assist unit, similar to the
SEAHAWK. There are currently no upgrade plans and the
rig is currently coldstacked.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2004, the rig commenced drilling under a
PRODUCTION MALAYSIA INC. seventeen month program for EMEPMI. EMEPMI retains
("EMEPMI") its right to terminate the contract by providing 120
days notice.
ATWOOD BEACON VIETNAM HOANG LONG AND HOAN VU The rig is currently working under a drilling program
JOINT OPERATING COMPANIES for Hoang Long which includes the drilling of three
("HOANG LONG") (3) firm wells with options to drill three (3)
additional wells. The three firm wells have a
combined expected duration of 200 days and if all
option wells are drilled, the program could extend for
another 200 days.
SUBMERSIBLE -
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RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently drilling the eighth well under
GULF OF MEXICO ("HELIS") the Helis contract. Upon completion of this well, the
rig will have two (2) firm wells to drill for Helis,
with Helis having an option to drill four (4)
additional wells. The drilling of the current firm
wells is expected to take until July 2005 to complete
and if the option wells are drilled, the contract
could extend to November 2005.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in
RANKIN 'A' drilling activity for the two client-owned rigs
managed by the Company. The Company is involved in
maintenance of the two rigs for future drilling
programs.
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