EX-99 2 exhibit991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF NOVEMBER 9, 2006 As used herein, "we", "us", and "our" refers to Atwood Oceanics, Inc. and its subsidiaries, except where the context indicates otherwise. Statements contained in this Fleet Status Report, including information regarding our estimated rig availability, contract duration, future dayrates, future daily operating costs, future effective tax rates, customer or contract status 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: our dependence on the oil and gas industry; the risks involved in upgrade, repair and construction of our rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruptions in operations due to terrorism; risks associated with a possible disruption in operations due to the war with Iraq and governmental regulations and environmental matters. A list of additional risk factors can be found in our annual report on Form 10-K for the year ended September 30, 2005, filed with the Securities and Exchange Commission. All information in this Fleet Status Report is as of the date indicated above. We undertake no duty to update the content of this Fleet Status Report or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations. CHANGES WILL BE HIGHLIGHTED IN YELLOW ----------------------------------------------------------------------------------------------------------------------------------- UNAUDITED AVERAGE PER DAY ESTIMATED ESTIMATED OPERATING COSTS (NOT RATED CONTRACT CONTRACT INCLUDING TAX) FOR THE ADDITIONAL RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE THREE MONTHS ENDED COMMENTS DEPTH SEPTEMBER 30, 2006/MONTH OF SEPTEMBER 30, 2006 ONLY ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 8 wells at $85,000/73,000 Wells are subject EAGLE PETROLEUM PTY (10 wells) $158,000 to a change in ("BHPB") August 2007 1 well at sequence and a $168,000 portion of the 1 well at dayrate is subject $150,000 to some change due to currency exchange rate variance. ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A A portion of the (3 wells) dayrate is subject November 2007 (if to some change due all three option to currency wells are drilled) exchange rate variance. -1- ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well EXPLORATION & (1 well) to take 40 to 45 PRODUCTION December 2007 days to complete. DIVISION ("ENI") (assuming that all of the above option wells are drilled) ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is subject December 2009 to some change (assuming that all due to currency of the above option exchange rate wells are drilled) variance. ----------------------------------------------------------------------------------------------------------------------------------- Australia N/A N/A N/A N/A The rig could be off dayrates for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $64,000/57,000 Operating costs HUNTER Libya April 2008 (Mauritania) (Operating costs were are expected to be $245,000 (Libya) higher than normal for $50,000 to $55,000 (The rig the three months per day while incurred two (2) ended September 30, working in days of zero 2006 due to higher Mauritania/Libya; rate in October costs incurred during however, costs 2006 due to an the period that the could be higher equipment repair rig was relocated from during any issue.) Egypt to Mauritania.) relocation period. ----------------------------------------------------------------------------------------------------------------------------------- Mauritania N/A N/A N/A N/A The rig is expected to be off dayrate for ten to fourteen days during the first quarter of fiscal year 2007 for required regulatory inspections and maintenance. -2- ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000 Malaysia SARAWAK SHELL FIRM WORK - $90,000 $56,000/85,000 The rig is FALCON (Preparing BERHAD ("SHELL") November 2006 (Due to weather (Operating costs currently to recommence related delays, were higher for the undergoing an $32 drilling the rig incurred month and three million shipyard operations.) four (4) days of months ended project with Shell zero rate at the September 30, 2006 paying $24 million end of the due to expensing of the costs.(Due shipyard period.) certain costs to expensing incurred in the certain costs shipyard.) incurred during the shipyard period, we now expect operating costs for the ATWOOD FALCON in the first quarter of fiscal year 2007 to be between $8 million and $9 million.) ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $93,200 N/A The rig should (2 wells) drill two wells at January 2007 $93,200 following the upgrade. (The $24 million Shell reimbursement will be amortized as revenues over the remaining firm contract commitment following the upgrade (32 months) which will increase dayrate revenues by approximately $24,000.) ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $113,000 N/A July 10, 2007 ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $160,000/ N/A Most of the work (2 years) $200,000 during this period July 2009 (dayrate depends is expected to be on water depth at the $160,000 of each well) dayrate level. -3- ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Turkey TOREADOR FIRM WORK - $125,000 $44,000/$49,000 TOREADOR will SOUTHERN TURKEY (3 wells) (During the rig's drill its last CROSS LIMITED February 2007 relocation to the well after the ("TOREADOR") Black Sea in October MELROSE program is 2006, operating costs completed. were expected to The dayrate for average around the last well will $60,000 per day. be $135,000. Some of this excess costs were offset by receipt of a $300,000 mobilization fee.) ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $125,000 N/A RESOURCES (3 wells) ("MELROSE") May 2007 ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE OPTIONS - $125,000 N/A (2 wells) July 2007 (if both option wells are drilled) ----------------------------------------------------------------------------------------------------------------------------------- Turkey TURKIYE FIRM WORK - $290,000 N/A PETROLLERI A.O. (3 wells) ("TPAO") October 2007 (assuming above option wells are drilled) ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO OPTIONS - $320,000 N/A If TPAO exercises (3 wells) their options, the January 2008 well sequence for (assuming MELROSE TPAO option wells option wells and VANCO wells drilled and TPAO could change. exercises options to drill all three option wells) -4- ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO FIRM WORK - $305,000 N/A See above INTERNATIONAL (1 well) LTD. ("VANCO") March 2008 (assuming MELROSE and TPAO options are exercised) ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO OPTIONS - $325,000 N/A See above (1 well) April 2008 (assuming MELROSE, TPAO and VANCO options are all exercised) ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' Singapore N/A November 2006 $70,000 $29,000/$28,000 Loss of hire BEACON insurance coverage (includes dayrate and cost of tow boat during the Singapore period in which the rig's last leg sections will be reattached. ----------------------------------------------------------------------------------------------------------------------------------- Mobilization GUJARAT STATE FIRM WORK - $110,000 N/A to India PETROLEUM December 2006 CORPORATION (Mobilization is LTD ("GSPC") expected to take 17 days.) ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $113,000 N/A (13 months) January 2008 ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $133,500 N/A (12 months) January 2009 ----------------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 year) TBD N/A ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Thailand CHEVRON FIRM WORK - $94,500 $36,000/$40,000 OVERSEAS (8 months) PETROLEUM June 2007 ("CHEVRON") ----------------------------------------------------------------------------------------------------------------------------------- -5- ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $154,000 N/A (2 years) June 2009 ----------------------------------------------------------------------------------------------------------------------------------- Thailand N/A N/A N/A N/A The rig could be off dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLE TENDER ASSIST UNIT: ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $68,430 Average per day (Contract provides Guinea EQUATORIAL (2 years) (plus operating costs for dayrate GUINEA, INC. September 2008 approximately during September increases based ("HESS") $20,000 of 2006 were $72,000. upon certain cost amortized per (Operating costs escalations day revenue.) were high in beginning with September due to the teh second year of start of drilling the contract.) operations. Ongoing normal operatings costs are expected to be around $45,000 per day. In addition to the expected daily operating costs of $45,000, there will be another $17,000 of amortized daily costs which will be more than offset by approximately $20,000 of amoritzed revenue.) ----------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $68,430 N/A Dayrate subject to Guinea (2 years) increase due to September 2010 contract cost (if all four escalations. six-month options are exercised) ----------------------------------------------------------------------------------------------------------------------------------- -6- SUBMERSIBLE: ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf HELIS OIL & GAS FIRM WORK - $80,000 $33,000/40,000 of Mexico ("HELIS") (5 wells remaining, including current well) May/June 2007 ----------------------------------------------------------------------------------------------------------------------------------- US Gulf HELIS OPTIONS - TBD N/A of Mexico September/October 2007 (one option for four additional wells) ----------------------------------------------------------------------------------------------------------------------------------- US Gulf o N/A N/A N/A N/A The rig could be of Mexico off dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. ----------------------------------------------------------------------------------------------------------------------------------- MANAGEMENT CONTRACT ------------------------------------------------------------------------------------------------------------------------------------ NORTH N/A Australia WOODSIDE FIRM WORK - Daily margin of The management RANKIN 'A' November/ $5,000 to $7,000 contract could December 2006 terminate upon completion of the current drilling program for the NORTH RANKIN `A' platform. This work is expected to be completed in December 2006. -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The unaudited effective tax rate for the fourth quarter of fiscal year 2006 was 17%, with an effective tax rate of 6% for fiscal year 2006. The effective tax rate for fiscal year 2007 is expected to be 20% to 25%. Virtually all of the Company's tax provision for fiscal year 2006 and expected tax provision for fiscal year 2007 relates to taxes in foreign jurisdictions. Working in foreign jurisdictions with nontaxable or deemed profit tax systems contribute to the effective tax rate being significantly less than the United States statutory rate. 2) Other Drilling Costs in Addition to the Above Rig Costs - PER DAY FOR THREE MONTHS ENDED SEPTEMBER 2006 $12,000 -7-