-----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, WJOAb5BeS1a9DEM/tZ9yu5TMCteKIm2EBjbnsB5lk01EV9y3rOYKw+jCMn6J3bLJ SQ/hcwePZtFIjBpm63AjKQ== 0000008411-07-000014.txt : 20070201 0000008411-07-000014.hdr.sgml : 20070201 20070201165334 ACCESSION NUMBER: 0000008411-07-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070201 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070201 DATE AS OF CHANGE: 20070201 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: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 07572404 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 f8kfeb12007.txt - --------------------------------------------------------------------- UNITED STATES 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 1, 2007 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 TEXAS (State or other jurisdiction of incorporation or organization) Internal Revenue Service - Employer Identification No. 74-1611874 15835 Park Ten Place Drive, Houston, Texas, 77084 (281) 749-7800 ------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ -1- ITEM 7.01 REGULATION FD DISCLOSURE The Company's Fleet Status Report at February 1, 2007 is attached hereto as Exhibit 99.1. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 18 of the Exchange Act. The Fleet Status Report has also been posted on the Company's website at www.atwd.com. All changes from the Company's last Fleet Status Report dated January 23, 2007 are highlighted in yellow on the Company's website. As noted in the attached Fleet Status Report, operating costs in December 2006 for most of our drilling units reflect some degree of volatility. Factors impacting high operating costs during the first quarter of fiscal year 2007 were end of calendar year bonuses paid to rig shorebase personnel; start-up costs associated with rigs commencing operations in new drilling areas (VICKSBURG in Thailand), (ATWOOD BEACON in India) and (SEAHAWK in West Africa); additional costs associated with shipyard periods (ATWOOD FALCON and ATWOOD BEACON) and higher than normal maintenance costs incurred on the ATWOOD HUNTER during the fourteen zero rate days in December when the rig was undergoing required regulatory inspections. At this time, there are no planned downtimes for any of our rigs for the remainder of fiscal year 2007. The VICKSBURG and ATWOOD EAGLE currently have planned required regulatory inspections during the first quarter of fiscal year 2008 that could be moved forward to the fourth quarter of fiscal year 2007 depending upon each rig's operating schedule. With no planned downtime periods for the remainder of fiscal year 2007 (assuming the VICKSBURG and ATWOOD EAGLE required inspections remain as of now scheduled for the first quarter of fiscal year 2008), there should be less volatility in operating costs for the remainder of fiscal year 2007. The ATWOOD FALCON had an average operating cost during the first quarter of fiscal year 2007 of $95,000 per day due to expensing certain costs incurred in the shipyard upgrade period. With the expensing of these costs now complete, we expect ongoing operating costs for the ATWOOD FALCON to be between $45,000 and $50,000. The ATWOOD SOUTHERN CROSS is also expected to have average daily operating costs in the Black Sea between $45,000 and $50,000. Operating costs for the ATWOOD EAGLE and ATWOOD HUNTER is expected to be around $85,000 and $55,000, respectively. Operating costs for our bottom supported drilling units are expected to average between $30,000 and $35,000 per day for the ATWOOD BEACON and RICHMOND and $35,000 to $40,000 for the VICKSBURG, which is incurring higher operating costs in Thailand than when it worked in Malaysia. The SEAHAWK is expected in incur operating costs between $60,000 and $70,000 per day (including amortization of certain deferred costs) while continuing to work in a start-up enivornment offshore Equatorial Guinea. Operating costs will vary for all rigs depending upon each rig's specific operating activities. As shown from the high costs incurred in the first quarter of fiscal year 2007, the daily operating cost estimates above may increase when a rig is being relocated to a new drilling location, when a rig is undergoing required inspections or when a rig is undergoing extraordinary maintenance or equipment replacement. 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's annual report on Form 10-K for the year ended September 30, 2006, filed with the Securities and Exchange Commission. -2- ITEM 9.01 EXHIBITS EXHIBIT 99.1 FLEET STATUS REPORT FEBRUARY 1, 2007 -3- 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: February 1, 2007 -4- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at February 1, 2007 -5- EX-99 2 exhibit991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF FEBRUARY 1, 2007 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, 2006, 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 ESTIMATED AVERAGE PER RATED ESTIMATED CONTRACT DAY OPERATING ADDITIONAL RIG NAME WATER LOCATION CUSTOMER CONTRACT END DATE DAYRATE COSTS (NOT COMMENTS DEPTH INCLUDING TAX) FOR THE THREE MONTHS ENDED DECEMBER 31, 2006/MONTH ENDED DECEMBER 31, 2006 ONLY - ---------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ---------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 5 wells at $86,000/91,000 Wells are EAGLE PETROLEUM PTY (7 wells $158,000 subject to a ("BHPB") remaining 1 well at change in including $168,000 sequence and current 1 well at a portion of operation) $150,000 the dayrate October 2007 is subject to some change due to currency exchange rate variance. - ---------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A A portion of (3 wells) the dayrate December 2007 is subject (if all three to some option wells are change due drilled) to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------- 1 - ----------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect EXPLORATION & (1 well) the well to PRODUCTION January 2008 take 40 to DIVISION ("ENI") (assuming that 45 days to all of the above complete. option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of ENERGY LTD (2 years) the dayrate January 2010 is subject (assuming that to some all of the above change due option wells are to currency drilled) exchange rate variance. - ---------------------------------------------------------------------------------------------------------------------------- Australia 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. - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- ATWOOD HUNTER 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $65,000/81,000 The rig was Libya April/May 2008 (Mauritania) off dayrate $245,000 for fourteen (Libya) days during December 2006 for required regulatory inspections and maintenance. - ---------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. April 2009, if exercised at negotiated market rate. - ---------------------------------------------------------------------------------------------------------------------------- 2 - ---------------------------------------------------------------------------------------------------------------------------- ATWOOD FALCON 5,000' Malaysia SARAWAK SHELL FIRM WORK - $113,000 $95,000/$96,000 (The $24 BERHAD ("SHELL") July 10, 2007 (Due to million expensing Shell certain costs reimbursement incurred in is being the shipyard, amortized as operating revenues costs were over the high for the remaining month and firm three months contract ended commitment December 31, following 2006. the upgrade (32 months) which will increase dayrate revenues by approximately $24,000.) - --------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $160,000/ N/A Most of the (2 years) $200,000 work during July 2009 (dayrate this period depends on is expected water depth to be at the of each well) $160,000 dayrate level. - --------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Turkey TOREADOR TURKEY FIRM WORK - $125,000 $57,000/$52,000 It now SOUTHERN CROSS LIMITED (2 wells appears that ("TOREADOR") remaining TOREADOR including will drill current well) all of its March 2007 wells before (subject to the MELROSE TOREADOR program. If that drilling its occurs, the third well prior dayrate for the to commencing last well will be the MELROSE $135,000. work.) - --------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $125,000 N/A RESOURCES (3 wells) ("MELROSE") June 2007 (subject to TOREADOR drilling its third well prior to commencing the MELROSE work.) - -------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE OPTIONS - $125,000 N/A (2 wells) July 2007 (if both option wells are drilled) - -------------------------------------------------------------------------------------------------------------------------- 3 - -------------------------------------------------------------------------------------------------------------------------- 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 (3 wells) exercises January 2008 their (assuming options, the MELROSE option well wells drilled sequence for and TPAO TPAO option exercises wells and options to drill VANCO wells all three option could change. wells) - -------------------------------------------------------------------------------------------------------------------------- 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 BEACON 400' India GUJARAT STATE FIRM WORK - $113,000 $44,000/$52,000 PETROLEUM January 2008 CORPORATION LTD ("GSPC") - ----------------------------------------------------------------------------------------------------------------------------- 4 - ---------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $133,500 N/A (12 months) January 2009 - ----------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 TBD N/A year) - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Thailand CHEVRON OVERSEAS FIRM WORK - $94,500 $41,000/$41,000 PETROLEUM June 2007 ("CHEVRON") - ----------------------------------------------------------------------------------------------------------------------------- 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 $74,000/$91,000 Contract Guinea EQUATORIAL September 2008 (plus provides for GUINEA, INC. approximately dayrate ("HESS") $19,000 of increases amortized based upon per day certain cost revenue.) escalations beginning with the second year of the contract. - ---------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $68,430 N/A Dayrate Guinea (2 years) subject to September 2010 increase due (if all four to contract six-month options cost are exercised) escalations. - ---------------------------------------------------------------------------------------------------------------------------- 5 - ---------------------------------------------------------------------------------------------------------------------------- SUBMERSIBLE: - ---------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf of HELIS OIL & GAS FIRM WORK - $80,000 $33,000/34,000 Mexico ("HELIS") (4 wells remaining, including current well) May/June 2007 - ----------------------------------------------------------------------------------------------------------------------------- US Gulf of HELIS OPTIONS - TBD N/A Mexico September/October 2007 (one option for four additional wells) - ----------------------------------------------------------------------------------------------------------------------------- US Gulf of N/A N/A N/A N/A The rig could be off dayrate for ten to fourteen days during the second quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ---------------------------------------------------------------------------------------------------------------------------- MANAGEMENT CONTRACT - ---------------------------------------------------------------------------------------------------------------------------- NORTH RANKIN N/A Australia WOODSIDE FIRM WORK - Daily margin The `A' May 2007 of around management $5,000 contract could terminate in May 2007. - ----------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The effective tax rate for fiscal year 2007 is now expected to be 13% to 18%. Virtually all of the Company's 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 DECEMBER 2006 $12,000 -----END PRIVACY-ENHANCED MESSAGE-----