-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CQUZ/5Bg1t7sMx39RuLfE+zIiEWNH2gayggEGMMwjhIFBVX7SZ6MOncgfpFuiDi6 LgpPyaZBp7Udtphjz4EPZA== 0000008411-01-000006.txt : 20010208 0000008411-01-000006.hdr.sgml : 20010208 ACCESSION NUMBER: 0000008411-01-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20010207 ITEM INFORMATION: FILED AS OF DATE: 20010207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13167 FILM NUMBER: 1526855 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 8-K 1 0001.txt =============================================================================== 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: February 7, 2001 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 =============================================================================== ITEM 7. EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED FEBRUARY 7, 2001 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2000 AND 1999 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2000 EXHIBIT 99.4 CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2000 AND SEPTEMBER 30, 2000 EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT FEBRUARY 7, 2001 ITEM 9. REGULATION FD DISCLOSURE ON FEBRUARY 7, 2001, THE COMPANY ANNOUNCED ITS EARNINGS FOR THE FISCAL YEAR 2001 FIRST QUARTER ENDED DECEMBER 31, 2000. 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 ENDED DECEMBER 31, 2000 AND 1999, AN ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2000, CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2000 AND SEPTEMBER 30, 2000 AND CONTRACT STATUS SUMMARY AT FEBRUARY 7, 2001 ARE ATTACHED HERETO AS EXHIBITS 99.2, 99.3, 99.4 AND 99.5, RESPECTIVELY. 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 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' annual report on Form 10-K for the year ended September 30, 2000, filed with the Securities and Exchange Commission. 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: 7 February 2001 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated February 7, 2001 99.2 Consolidated Statements of Operations for the Three Months ended December 31, 2000 and 1999 99.3 Analysis of Contract Revenues and Drilling Costs for the quarter ended December 31, 2000 99.4 Consolidated Balance Sheets at December 31, 2000 and September 30, 2000 99.5 Contract Status Summary at February 7, 2001 EX-99.1 2 0002.txt EXHIBIT 99.1 HOUSTON, TEXAS 7 FEBRUARY 2001 FOR IMMEDIATE RELEASE ATWOOD OCEANICS, INC., HOUSTON-BASED INTERNATIONAL DRILLING CONTRACTOR, ANNOUNCED TODAY IT EARNED NET INCOME OF $8,040,000 OR $.58 PER DILUTED SHARE, ON CONTRACT REVENUES OF $39,440,000 FOR THE QUARTER ENDED DECEMBER 31, 2000, COMPARED TO NET INCOME OF $5,053,000 OR $.36 PER DILUTED SHARE ON CONTRACT REVENUES OF $31,184,000 FOR THE QUARTER ENDED DECEMBER 31, 1999. AS A RESULT OF CHANGES EFFECTIVE OCTOBER 1, 2000 IN THE COMPANY'S DEPRECIATION POLICY RELATING TO CERTAIN RIGS, DEPRECIATION EXPENSE FOR THE QUARTER ENDED DECEMBER 31, 2000 WAS REDUCED BY APPROXIMATELY $1.7 MILLION, RESULTING IN AN ENHANCEMENT TO NET INCOME FOR THE QUARTER OF $.08 PER DILUTIVE SHARE. FOR THE THREE MONTHS ENDED DECEMBER 31, 2000 1999 -------------------- -------------------- CONTRACT REVENUES $39,440,000 $31,184,000 INCOME BEFORE INCOME TAXES 12,555,000 8,268,000 PROVISION FOR INCOME TAXES (4,515,000) (3,215,000) NET INCOME 8,040,000 5,053,000 EARNINGS PER COMMON SHARE - BASIC .58 .37 DILUTED .58 .36 WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 13,823,000 13,676,000 DILUTED 13,930,000 13,859,000 CONTACT: JIM HOLLAND (281) 749-7804 EX-99.2 3 0003.txt EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended December 31, ------------------------------ 2000 1999 -------- -------- (Unaudited) REVENUES: Contract drilling $ 37,747 $ 30,661 Contract management 1,693 523 -------- -------- 39,440 31,184 COSTS AND EXPENSES: Contract drilling 15,938 13,966 Contract management 1,552 389 Depreciation 6,634 6,144 General and administrative 2,365 2,000 -------- ------- 26,489 22,499 -------- ------- OPERATING INCOME 12,951 8,685 OTHER INCOME (EXPENSE) Interest expense (966) (954) Interest income 570 537 -------- ------- (396) (417) -------- ------- INCOME BEFORE INCOME TAXES 12,555 8,268 PROVISION FOR INCOME TAXES 4,515 3,215 -------- ------- NET INCOME $ 8,040 $ 5,053 ======== ======= EARNINGS PER COMMON SHARE: Basic $ .58 $ .37 Diluted $ .58 $ .36 AVERAGE COMMON SHARES OUTSTANDING: Basic 13,823 13,676 Diluted 13,930 13,859 EX-99.3 4 0004.txt EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2000 (Unaudited) CONTRACT CONTRACT DRILLING DRILLING COSTS REVENUES ----------------- --------------------- (In Millions) ATWOOD FALCON $ 10.2 $ 2.1 ATWOOD HUNTER 7.6 3.4 SEAHAWK 5.9 1.9 ATWOOD EAGLE 5.0 2.6 ATWOOD SOUTHERN CROSS 4.1 2.4 VICKSBURG 2.8 1.7 RICHMOND 2.1 1.2 OTHER 0.0 0.6 ------ ----- $ 37.7 $15.9 ====== ===== EX-99.4 5 0005.txt EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) DEC. 31, 2000 SEP. 30, 2000 (Unaudited) (Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents $24,959 $19,740 Accounts receivable 30,376 31,466 Inventories of materials and supplies at lower of average cost or market 8,869 9,544 Deferred tax assets 950 950 Prepaid expenses 2,216 3,217 ------ ------ Total Current Assets 67,370 64,917 ------ ------ SECURITIES HELD FOR INVESTMENT: Held for maturity, at amortized cost 12,597 22,594 Available-for-sale, at fair value 364 327 ------ ------ 12,961 22,921 ------ ------ PROPERTY AND EQUIPMENT: Drilling vessels, equipment and drill pipe 405,098 391,879 Other 8,335 8,197 ------- ------- 413,433 400,076 Less-accumulated depreciation 182,420 175,969 ------- ------- Net Property and Equipment 231,013 224,107 ------- ------- DEFERRED COSTS AND OTHER ASSETS 1,398 1,306 -------- -------- $312,742 $313,251 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of notes payable $ - $ - Accounts payable 3,308 5,886 Accrued liabilities 13,580 11,598 ------- ------- Total Current Liabilities 16,888 17,484 ------- ------- LONG-TERM NOTES PAYABLE, net of current maturities: 40,000 46,000 ------- ------- 40,000 46,000 ------- ------- DEFERRED CREDITS: Income taxes 10,904 10,392 Other 18,652 21,170 ------- ------- 29,556 31,562 ------- ------- SHAREHOLDERS' EQUITY: Preferred stock, no par value; 1,000,000 shares authorized, none outstanding - - Common stock, $1 par value, 20,000,000 shares authorized with 13,824,000 and 13,823,000 issued and outstanding at Dec. 31, 2000 and Sep. 30, 2000, respectively 13,824 13,823 Paid-in capital 55,179 55,151 Acculumated other comprehensive income (loss) (128) (152) Retained earnings 157,423 149,383 ------- ------- Total Shareholders' Equity 226,298 218,205 ------- ------- $312,742 $313,251 ======== ======== EX-99.5 6 0006.txt EXHIBIT 99.5 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT FEBRUARY 7, 2001 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - ----------- ------------ ---------------- ----------------- SEMISUBMERSIBLES - - ------------------ ATWOOD FALCON PHILIPPINES SHELL PHILIPPINES The rig's current contract terminates in EXPLORATION B.V. November 2001. ATWOOD HUNTER UNITED DOMINION The rig is currently drilling one-well for STATES GULF EXPLORATION & DOMINION EXPLORATION & PRODUCTION INC., after OF MEXICO PRODUCTION, INC. completing a term contract of over 40 months for British Borneo Petroleum Inc./AGIP. Upon completing the current well (estimated late February to early March 2001), the rig will be moved to a shipyard in the United States to commence an additional upgrade estimated to cost between $40 to $45 million, and taking four to five months to complete. ATWOOD EAGLE MEDITERRANEAN SEA SAMEDAN, The rig has contractual commitments in Israel MEDITERRANEAN and Egypt which should keep the rig employed SEA, INC. until late fourth quarter fiscal 2001 or early first quarter fiscal 2002. An approximate $80 million upgrade of the rig is planned immediately upon the rig completing its current contractual commitments, and taking around six months to complete. SEAHAWK MALAYSIA ESSO The rig's current contract terminates in PRODUCTION November 2003, with an option for the Operator MALAYSIA INC. to extend. ATWOOD SOUTHERN MEDITERRANEAN SEA GERMAN OIL & GAS EGYPT The rig has contractual commitments in Egypt and CROSS Turkey which should keep the rig employed into August 2001, and depending upon options exercised, could have work extending into fiscal 2002. SEASCOUT UNITED STATES NONE The SEASCOUT (ex-OCEAN SCOUT) was purchased in GULF OF MEXICO December 2000 for future conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. CANTILEVER JACK-UP - - -------------------- VICKSBURG INDIA ENRON OIL & GAS LTD. The rig is expected to complete its contract with ENRON (which has extended over two years) at the end of February 2001. The rig has received a conditional letter of intent for an additional well in India at a dayrate of $44,000, which, if finalized, should keep the rig employed until late March 2001. Active bids for ongoing work for the rig are outstanding in India and Southeast Asia. SUBMERSIBLE - - -------------- RICHMOND UNITED STATES APPLIED DRILLING The rig is contractually committed to drill GULF OF MEXICO TECHNOLOGY INC. one-well with Applied Drilling Technology Inc. and three-wells with Texaco Exploration and Production Inc., which should keep the rig employed into May 2001. MODULAR PLATFORMS - - ------------------- RIG-19 AUSTRALIA None The rig is available for contract since it became idle in September 1999. RIG-200 AUSTRALIA None The rig is available for contract since it became idle in June 1999. MANAGEMENT/LABOR CONTRACTS GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. Term contract for management of drilling RANKIN 'A' program.
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