8-K

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                       SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D. C. 20549
                                ----------------

                                    Form 8-K

                                 CURRENT REPORT

                        PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

               DATE OF EARLIEST EVENT REPORTED: November 17, 2000


                             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

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ITEM 5.    OTHER EVENTS


ON NOVEMBER  17,  2000,  THE COMPANY  ANNOUNCED  CURRENT AND PLANNED  ACTIVITIES
RELATING  TO THE ATWOOD  HUNTER AND ATWOOD  EAGLE.  A COPY OF THE PRESS  RELEASE
ANNOUNCING  THESE  ACTIVITIES IS FILED WITH THIS FORM 8-K AS EXHIBIT 99.1 AND IS
INCORPORATED HEREIN BY REFERENCE.

ITEM 7.   EXHIBITS

EXHIBIT 99.1    PRESS RELEASE DATED NOVEMBER 17, 2000


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:   17  November 2000







                                  EXHIBIT INDEX

EXHIBIT 99.1                            DESCRIPTION
============                       =========================

  99.1                         Press Release dated November 17, 2000

EX-99.1

                                  EXHIBIT 99.1

HOUSTON, TEXAS

17 NOVEMBER 2000

FOR IMMEDIATE RELEASE:


                ATWOOD OCEANICS,  INC. (A HOUSTON BASED  INTERNATIONAL  OFFSHORE
DRILLING  CONTRACTOR  -  NYSE:  ATW)  ANNOUNCED  TODAY  THAT IT HAS  REACHED  AN
AGREEMENT TO AMEND ITS CONTRACT WITH BRITISH-BORNEO  PETROLEUM, INC. FOR THE USE
OF THE ATWOOD HUNTER IN THE GULF OF MEXICO. THE AMENDMENT PROVIDES FOR A DAYRATE
OF  APPROXIMATELY  $85,000 FROM SEPTEMBER 1, 2000 THROUGH  DECEMBER 27, 2000 AND
$65,000   THEREAFTER.   THE  RIG  COMMENCED  ITS  CONTRACT  WITH  BRITISH-BORNEO
PETROLEUM, INC. IN SEPTEMBER 1997 FOLLOWING AN UPGRADE TO EXTEND ITS WATER-DEPTH
DRILLING CAPACITY TO 3,600 FEET, AND THE AMENDMENT SHOULD EXTEND THE CONTRACT TO
THE END OF JANUARY 2001.

CURRENTLY,  THE COMPANY PLANS TO MOVE THE RIG UPON COMPLETION OF ITS CONTRACT TO
A  SHIPYARD  IN THE  UNITED  STATES TO UNDERGO  AN  ADDITIONAL  INCREASE  IN ITS
WATER-DEPTH  DRILLING CAPACITY AND OTHER UPGRADES AND ENHANCEMENTS  ESTIMATED TO
COST BETWEEN $40 AND $45 MILLION.  THE RIG'S UPGRADES AND ENHANCEMENTS  COULD BE
DELAYED TWO TO THREE MONTHS IF THE COMPANY  IDENTIFIES AN ACCEPTABLE  SHORT-TERM
CONTRACT OPPORTUNITY  IMMEDIATELY  FOLLOWING COMPLETION OF ITS CURRENT CONTRACT.
THE UPGRADES AND ENHANCEMENTS  WILL INCLUDE  EXTENDING THE WATER-DEPTH  DRILLING
CAPACITY TO 5,000 FEET FOR CERTAIN ENVIRONMENTAL CONDITIONS, A NEW HIGH CAPACITY
CRANE,  NEW 120-BED  QUARTERS,  ENHANCED  COMPLETION  AND SUB-SEA TREE  HANDLING
CAPABILITY,  UPGRADED  WELL  CONTROL,  DRILLING AND MUD SYSTEMS,  IN ADDITION TO
OTHER  IMPROVEMENTS IN EFFICIENCY.  PRESENTLY,  THE COMPANY ESTIMATES THAT THESE
UPGRADES AND ENHANCEMENTS WILL TAKE FOUR TO FIVE MONTHS TO COMPLETE.

THE COMPANY ALSO  ANNOUNCED  THAT IT CONTINUES WITH ITS PLANNING AND ORDERING OF
EQUIPMENT  FOR THE  UPGRADES  AND  ENHANCEMENTS  OF THE ATWOOD  EAGLE  FOLLOWING
COMPLETION  OF ITS  CONTRACTUAL  COMMITMENT IN EGYPT  (ESTIMATED  JUNE TO AUGUST
2001).  THE UPGRADES AND ENHANCEMENTS  WILL INCLUDE  MODIFICATION OF THE HULL TO
EXTEND THE RIG'S  WATER-DEPTH  DRILLING  CAPACITY  TO 5,000  FEET,  NEW  120-BED
QUARTERS,  ENHANCED  COMPLETION AND SUB-SEA TREE HANDLING  CAPABILITY,  UPGRADED
WELL CONTROL,  DRILLING AND MUD SYSTEMS,  IN ADDITION TO OTHER  IMPROVEMENTS  IN
EFFICIENCY.   PRESENTLY,   THE  COMPANY   ESTIMATES   THAT  THESE  UPGRADES  AND
ENHANCEMENTS WILL TAKE FIVE TO SIX MONTHS TO COMPLETE AND COST APPROXIMATELY $80
MILLION.

Statements  contained  in this  press  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;
operating  risks;  risks  involved  in  foreign  operations;   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, 1999, filed with the Securities and Exchange Commission.

                                                     CONTACT:        JIM HOLLAND
                                                                  (281) 749-7804