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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 28, 2005
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
15835 Park Ten Place Drive 77084
Houston, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
281-749-7800
N/A
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(Former name or former address, if changed sincelast report.)
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 28, 2005, the Company announced its earnings for the Fiscal Year
2005 Second Quarter ended March 31, 2005. A copy of the press release
summarizing these earnings is filed with this Form 8-K as exhibit 99.1 and is
incorporated herein by reference.
Additional information with respect to the Company's consolidated
statements of operations for the three months and six months ended March 31,
2005 and 2004, an analysis of revenues and contract drilling costs for the three
months and six months ended March 31, 2005 and consolidated balance sheets at
March 31, 2005 and September 30, 2004 are attached hereto as Exhibits 99.2, 99.3
and 99.4, respectively, which are being furnished; however, should not be deemed
to be filed under Section 18 of the Exchange Act.
ITEM 7.01 REGULATION FD DISCLOSURE
Additional information with respect to the Company's Contract Status
Summary at April 28, 2005 is attached hereto as Exhibit 99.5. Such information
is being furnished under Regulation FD and should not be deemed to be filed
under Section 18 of the Exchange Act.
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 including; the Company's dependence on the oil
and gas industry; the risks involved the construction 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 a war with Iraq; and governmental
regulations and environmental matters. A list of additional risk factors can be
found in the Company' annual report on Form 10-K for the year ended September
30, 2004, filed with the Securities and Exchange Commission.
ITEM 9.01 EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED APRIL 28, 2005
EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS AND
SIX MONTHS ENDED MARCH 31, 2005 AND 2004
EXHIBIT 99.3 ANALYSIS OF REVENUES AND CONTRACT DRILLING COSTS FOR
THE THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 2005
EXHIBIT 99.4 CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2005 AND
SEPTEMBER 30, 2004
EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT APRIL 28, 2005
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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 28, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated April 28, 2005
99.2 Consolidated Statements of Operations for the Three
Months and Six Months ended March 31, 2005 and 2004
99.3 Analysis of Revenues and Contract Drilling Costs for
the Three Months and Six Months ended March 31, 2005
99.4 Consolidated Balance Sheets at March 31, 2005 and
September 30, 2004
99.5 Contract Status Summary at April 28, 2005
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EXHIBIT 99.1
Houston, Texas
28 April 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc., Houston-based international drilling contractor,
announced today that the Company earned net income of $4,711,000 or $.30 per
diluted share, on revenues of $41,017,000 for the quarter ended March 31, 2005,
compared to net income of $462,000 or $.03 per diluted share on revenues of
$36,810,000 for the quarter ended March 31, 2004. For the six months ended March
31, 2005, the Company earned a net income of $13,361,000 or $.86 per diluted
share, on revenues of $86,443,000 compared to a net loss of $(1,442,000) or
$(.10) per diluted share, on revenues of $72,135,000 for the six months ended
March 31, 2004.
FOR THE THREE MONTHS ENDED MARCH 31,
2005 2004
----------------- -----------------
Contract Revenues $41,017,000 $36,810,000
============ ===========
Income before Income Taxes 6,100,000 2,235,000
Provision for Income Taxes (1,389,000) (1,773,000)
----------- -----------
Net Income 4,711,000 462,000
=========== ===========
Earnings per Common Share -
Basic .31 .03
Diluted .30 .03
Weighted Average Shares
Outstanding -
Basic 15,213,000 13,855,000
Diluted 15,642,000 14,019,000
FOR THE SIX MONTHS ENDED MARCH 31,
2005 2004
----------------- --------------------
Contract Revenues $86,443,000 $72,135,000
============ ===========
Income before Income Taxes 14,243,000 2,171,000
Provision for Income Taxes (882,000) (3,613,000)
----------- -----------
Net Income (Loss) 13,361,000 (1,442,000)
=========== ===========
Earnings (Loss) per Common Share -
Basic .88 (.10)
Diluted .86 (.10)
Weighted Average Shares
Outstanding -
Basic 15,146,000 13,855,000
Diluted 15,532,000 13,855,000
Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
--------------------------- ---------------------------
2005 2004 2005 2004
(Unaudited) (Unaudited)
REVENUES:
Contract drilling $ 39,801 $ 36,810 $ 78,787 $ 72,135
Business interruption proceeds 1,216 - 7,656 -
-------- -------- -------- -------
41,017 36,810 86,443 72,135
-------- -------- -------- -------
COSTS AND EXPENSES:
Contract drilling 23,601 21,414 48,804 43,947
Depreciation 6,639 7,847 13,165 15,689
General and administrative 3,019 2,987 6,590 5,675
-------- -------- -------- ------
33,259 32,248 68,559 65,311
-------- -------- -------- ------
OPERATING INCOME 7,758 4,562 17,884 6,824
-------- -------- -------- ------
OTHER INCOME (EXPENSE)
Interest expense (1,727) (2,334) (3,745) (4,668)
Interest income 69 7 104 15
-------- -------- -------- ------
(1,658) (2,327) (3,641) (4,653)
-------- -------- -------- -------
INCOME BEFORE INCOME TAXES 6,100 2,235 14,243 2,171
PROVISION FOR INCOME TAXES 1,389 1,773 882 3,613
-------- -------- -------- -------
NET INCOME (LOSS) $4,711 $462 $13,361 $(1,442)
======== ======== ======== =======
EARNINGS (LOSS) PER COMMON SHARE:
Basic 0.31 0.03 0.88 (0.10)
Diluted 0.30 0.03 0.86 (0.10)
AVERAGE COMMON SHARES OUTSTANDING:
Basic 15,213 13,855 15,146 13,855
Diluted 15,642 14,019 15,532 13,855
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EXHIBIT 99.3
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ANALYSIS OF REVENUES
AND CONTRACT DRILLING COSTS
(Unaudited)
FOR THE THREE MONTHS ENDED
MARCH 31, 2005
CONTRACT
DRILLING
REVENUES COSTS
-------- ---------
(In Millions)
ATWOOD EAGLE $ 9.4 $ 5.5
ATWOOD FALCON 5.5 2.8
ATWOOD BEACON 5.9 1.9
VICKSBURG 6.1 2.0
ATWOOD HUNTER 5.2 2.7
SEAHAWK 2.8 2.4
ATWOOD SOUTHERN CROSS 2.7 2.3
RICHMOND 2.7 2.1
OTHER 0.7 1.9
----- -----
$41.0 $23.6
===== =====
FOR THE SIX MONTHS ENDED
MARCH 31, 2005
CONTRACT
DRILLING
REVENUES COSTS
-------- ---------
(In Millions)
ATWOOD EAGLE $ 17.9 $ 10.8
ATWOOD FALCON 13.1 6.1
ATWOOD BEACON 12.3 4.3
VICKSBURG 12.0 4.4
ATWOOD HUNTER 10.8 5.6
SEAHAWK 7.2 4.8
ATWOOD SOUTHERN CROSS 6.3 5.3
RICHMOND 5.4 4.2
OTHER 1.4 3.3
----- -----
$86.4 $48.8
===== =====
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EXHIBIT 99.4
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
MAR. 31, 2005 SEP. 30, 2004
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $23,946 $16,416
Accounts receivable 28,449 32,475
Insurance receivable 11,036 25,433
Inventories of materials and supplies 13,660 12,648
Deferred tax assets 40 290
Prepaid expenses and other 2,444 5,704
-------- --------
Total Current Assets 79,575 92,966
-------- --------
NET PROPERTY AND EQUIPMENT 407,427 401,141
-------- --------
DEFERRED COSTS AND OTHER ASSETS 3,185 4,829
-------- --------
$490,187 $498,936
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of notes payable $36,000 $36,000
Accounts payable 3,857 9,398
Accrued liabilities 6,820 13,822
Deferred Credits 0 833
-------- --------
Total Current Liabilities 46,677 60,053
-------- --------
LONG-TERM NOTES PAYABLE,
net of current maturities: 77,000 145,000
-------- --------
77,000 145,000
-------- --------
OTHER LONG TERM LIABILITIES
Deferred income taxes 19,580 18,930
Deferred credits and other 2,443 3,364
-------- --------
22,023 22,294
-------- --------
SHAREHOLDERS' EQUITY:
Preferred stock, no par value;
1,000,000 shares authorized, none outstanding 0 0
Common stock, $1 par value, 20,000,000 shares
authorized with 15,240,000 issued and outstanding 15,240 13,873
Paid-in capital 116,087 57,917
Retained earnings 213,160 199,799
-------- --------
Total Shareholders' Equity 344,487 271,589
-------- --------
$490,187 $498,936
======== ========
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EXHIBIT 99.5
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT APRIL 28, 2005
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
----------- -------- --------- -----------------
SEMISUBMERSIBLES -
------------------
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 N/A 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 -
---------------------
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 -
--------------
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 -
-------------------
GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. The Company is currently assisting Woodside in
RANKIN 'A' ("WOODSIDE") preparing the NORTH RANKIN 'A' for recommencing
drilling activities in early 2006. The GOODWYN 'A'
continues with an indefinite planned break in drilling
activity, with the Company involved in rig
maintenance.
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