8-K 1 f8kmay252001.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: May 25, 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 CONTRACT STATUS SUMMARY AT MAY 25, 2001 ITEM 9. REGULATION FD DISCLOSURE The VICKSBURG (after a brief stay in Singapore to undergo some inspections, minor repairs and installation of equipment) is now in Vietnam preparing to commence a one-well (with one option well) drilling program for Samedan Vietnam Limited ("Samedan"). Upon completion of its contractual work in Vietnam (estimated end of August 2001, if the option well is drilled), the drilling unit will be relocated to the Malaysia-Thailand Joint Development Area to drill 31 wells for Carigali-Triton Operating Company Sdn. Bhd. ("CTOC") estimated to extend for 540 days at a dayrate of $64,354, with options for additional wells. Upon arrival at CTOC's first drilling location, the contract provides for a mobilization payment of $500,000 and a special payment of $1,500,000, which gives CTOC the option to cancel the contract at any time after giving a sixty-day written notice of termination. The Company estimates that the total cost to move the VICKSBURG from India to Vietnam and then to the Malaysia - Thailand Joint Development Area will be around $1.5 million. The mobilization costs will be offset by the mobilization payments of $200,000 from Samedan and $500,000 from CTOC in addition to the special payment of $1.5 million from CTOC, all of which will be amortized over the term of the Samedan and CTOC work. The RICHMOND is scheduled to complete its current drilling program in early June 2001, at which time it will be moved to sheltered waters to undergo some required repairs resulting from a work boat incident. These repairs are expected to take nine days to complete, at which time the rig will commence drilling one remaining well for Texaco Exploration and Production, Inc. ("Texaco"). Upon completion of the Texaco work, the rig will commence a two-well drilling program for Nexen Petroleum Offshore U.S.A., which could keep the rig employed into the first quarter of 2002. Additional information with respect to the Company's contract status summary at May 24, 2001 is attached hereto as Exhibit 99.1, which is being furnished in accordance with Rule 101(e)(1) under Regulation FD and should not be deemed to be filed. 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's 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: May 25, 2001 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Contract Status Summary at May 25, 2001 EXHIBIT 99.1 EXHIBIT 99.5 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT MAY 25, 2001 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS ------------------ ----------- ----------------- --------------------------------------- SEMISUBMERSIBLES - ------------------ ATWOOD FALCON PHILIPPINES SHELL PHILIPPINES The rig's current contract terminates upon EXPLORATION B.V. completion of the well in progress on November 15, 2001. ATWOOD HUNTER UNITED DOMINION The rig is currently drilling one-well for STATES GULF EXPLORATION & DOMINION EXPLORATION & PRODUCTION INC. Upon OF MEXICO PRODUCTION, INC. completing the current well (estimated June 2001), the rig will be moved to a shipyard in the United States to commence an additional upgrade estimated to cost around $45 million, and taking around five months to complete. ATWOOD EAGLE MEDITERRANEAN RASHID PETROLEUM The rig has contractual commitments in Egypt SEA COMPANY which should keep the rig employed 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 AMOCO EGYPT OIL The rig has contractual commitments in Egypt CROSS SEA COMPANY (Amoco Egypt Oil Company.), Turkey (El Paso Production Company Turkey B.V.) and Israel (Nordan Oil (1998) Ltd.) which should keep the rig employed into fiscal 2002. SEASCOUT UNITED STATES NONE The SEASCOUT was purchased in December 2000 for GULF OF MEXICO future conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. CANTILEVER JACK-UP - --------------------- VICKSBURG VIETNAM SAMEDAN VIETNAM The rig is in the process of being relocated to LIMITED Vietnam to drill one-well (with one option well) for Samedan Vietnam Limited. If the option well is drilled, the work for Samedan could extend into August 2001. Upon completion of its contractual commitments in Vietnam, the drilling unit will be moved to the Malaysia - Thailand Joint Development Areas to drill 31 wells for Carigali-Triton Operating Company Sdn. Bhd. ("CTOC"). Once drilling operations commence and CTOC has funded certain contractual obligations, CTOC has the option of canceling the contract at any time after giving a sixty day written notice of termination. SUBMERSIBLE - -------------------- RICHMOND UNITED STATES TEXACO EXPLORATION The rig is contractually committed to drill one GULF OF MEXICO AND PRODUCTION, INC. remaining well for Texaco Exploration and Production Inc ("Texaco"). Upon completion of the Texaco work, the rig will commence a two-well drilling program for Nexen Petroleum Offshore U.S.A., which could keep the rig employed into the first quarter of fiscal 2002. 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.