-----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, KFYd7hyRCYzc7fwrO/NvCWHU6F3wQd6zVBKhZd8bJNVGrxc+bHsUjUVSZlY4Zs88 hQh7Wbw7QqFABzW7BctlqQ== 0000008411-07-000121.txt : 20070912 0000008411-07-000121.hdr.sgml : 20070912 20070911180259 ACCESSION NUMBER: 0000008411-07-000121 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070911 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070912 DATE AS OF CHANGE: 20070911 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: 071111824 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 f8ksep112007.txt M--------------------------------------------------------------------- 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: SEPTEMBER 11, 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 TO DISCLOSURE Thus far, during the fourth quarter of fiscal year 2007, the following zero rate days have been incurred: VICKSBURG Two (2) zero rate days for regulatory inspections - One(1) zero rate day due to equipment related issues ATWOOD SOUTHERN CROSS Eight (8) zero rate days for regulatory inspections ATWOOD HUNTER One (1) zero rate day due to equipment related issues SEAHAWK Six (6) zero rate days due to equipment related issues All of the above zero rate days have reduced revenue for the fourth quarter by approximately $3.4 million or $0.10 per diluted share. Additional information with respect to the Company's Fleet Status Report at September 11, 2007 is attached hereto as Exhibit 99.2. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 19 of the Exchange Act. ITEM 8.01 OTHER EVENTS The RICHMOND continues to work for Helis Oil & Gas ("Helis") in the Gulf of Mexico at a dayrate of $80,000. Upon completion of the drilling of the current well (estimated late September 2007), Helis has a commitment to drill one more well (estimated to take 25 days to complete). The drilling of this last well will be deferred until sometime during the first half of fiscal year 2008. Immediately upon completion of the drilling of its current well, the rig will be moved to a shipyard to undergo a $14 million to $15 million life enhancement upgrade estimated to take around 60 days to complete, which will extend the depreciable life of the rig seven years from January 2008. Additional work for the rig immediately following the upgrade period is currently being pursued. 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 Press Release dated September 11, 2007 EXHIBIT 99.2 Fleet Status Report at September 11, 2007 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated September 11, 2007 99.2 Fleet Status Report at September 11, 2007 -4- 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: September 11, 2007 -5- EX-99 2 exh991.txt EXHIBIT EX. - 99.1 ATWOOD ANNOUNCES RICHMOND UPGRADE Houston, Texas 11 September 2007 FOR IMMEDIATE RELEASE Atwood Oceanics, Inc. (NYSE: ATW), announced today the RICHMOND continues to work for Helis Oil & Gas ("Helis") in the Gulf of Mexico at a dayrate of $80,000. Upon completion of the drilling of the current well (estimated late September 2007), Helis has a commitment to drill one more well (estimated to take 25 days to complete). The drilling of this last well will be deferred until sometime during the first half of fiscal year 2008. Immediately upon completion of the drilling of its current well, the rig will be moved to a shipyard to undergo a $14 million to $15 million life enhancement upgrade estimated to take around 60 days to complete, which will extend the depreciable life of the rig seven years from January 2008. Additional work for the rig immediately following the upgrade period is currently being pursued. 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. Contact: Jim Holland 281-749-7804 EX-99 3 exh992.txt M ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF SEPTEMBER 11, 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 AVERAGE ESTIMATED ESTIMATED PER DAY OPERATING RATED CONTRACT CONTRACT COSTS (NOT ADDITIONAL RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE INCLUDING TAX) FOR COMMENTS DEPTH THE THREE MONTHS ENDED JULY 31, 2007/MONTH ENDED JULY 31, 2007 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 3 wells at $107,000/$105,000 Wells are EAGLE PETROLEUM PTY (4 wells) approximately subject to a ("BHPB") December 2007 $160,000 change in 1 well at sequence and a approximately portion of the $170,000 dayrate is subject to some change due to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - Approximately N/A A portion of the (2 wells) $170,000 dayrate is February 2008 subject to some if the two change due to remaining options currency wells are drilled. exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- 1 - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the EXPLORATION & (1 well) well to take 40 PRODUCTION April 2008 (assuming to 45 days to DIVISION that the two above complete. ("ENI") option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is ("WOODSIDE") April 2010 (assuming subject to some that the two above change due to option wells are currency drilled) exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia N/A N/A N/A N/A The rig is expected to incur ten to fourteen zero rate days during the first quarter of fiscal year 2008 for required regulatory inspections and planned maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Egypt BURULLUS FIRM WORK - Commencing $76,000/$58,000 In August, the HUNTER GAS CO. January 2008 August 22, 2007 rig incurred one ("BURULLUS") $320,000 first zero rate day 90 days due to equipment $355,000 next issues. 35 days $410,000 thereafter (expected to be 15 days) - ----------------------------------------------------------------------------------------------------------------------------------- Mauritania WOODSIDE FIRM WORK $240,000 (Reinstatement August 2008 of suspended contract) - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A The rig could Two (2) six-month incur ten (10) options. zero rate days August 2009, if in the fourth exercised at quarter of negotiated market fiscal year 2009 rate. (Agreement has for regulatory to be executed by inspections. December 2007) - ----------------------------------------------------------------------------------------------------------------------------------- 2 - ----------------------------------------------------------------------------------------------------------------------------------- TBD N/A N/A N/A N/A The rig could incur three to five zero rate days during the fourth quarter of fiscal year 2007 for some planned maintenance. The rig could also incur fifteen to twenty zero rate days depending upon the rigs drilling schedule sometime between December 2007 and August 2008 for certain equipment upgrades. - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Malaysia SARAWAK SHELL FIRM WORK - $160,000/ $59,000/$64,000 (The $24 FALCON BERHAD (2 years) $200,000 million Shell ("SHELL") July 2009 (dayrate reimbursement is depends on being amortized water depth of as revenues over each well) the remaining firm contract commitment following the upgrade (32 months) which will increase dayrate revenues by approximately $24,000.) Most of the work during this period is expected to be at the $160,000 dayrate level. (The rig could incur 5 to 10 zero rate days during the first quarter of fiscal year 2009 due to required regulatory inspections.) - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Turkey TURKIYE FIRM WORK - 3 wells at $58,000/$54,000 SOUTHERN PETROLLERI (3 wells) $290,000 CROSS A.O.("TPAO") October/November 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $145,000 N/A (2 wells) December 2007 /January 2008 - ----------------------------------------------------------------------------------------------------------------------------------- 3 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $380,000 N/A (1 well) January/February 2008 - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO FIRM WORK - $320,000 N/A (1 well) February/March 2008 - ----------------------------------------------------------------------------------------------------------------------------------- TBD N/A N/A N/A N/A The rig incurred eight zero rate days in August 2007 for regulatory inspections and could incur another two to five zero rate days during the second quarter of fiscal year 2008 for some maintenance work. - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' India GUJARAT STATE FIRM WORK - $113,000 $43,000/$43,000 BEACON PETROLEUM January 2008 CORPORATION LTD ("GSPC") - ----------------------------------------------------------------------------------------------------------------------------------- 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 - $154,000 $42,000/$43,000 OVERSEAS (2 years) PETROLEUM June 2009 ("CHEVRON") - ----------------------------------------------------------------------------------------------------------------------------------- Thailand N/A N/A N/A N/A The rig incurred two zero rate days in July 2007 for required regulatory inspections and one zero rate day in August relating to equipment issues. - ----------------------------------------------------------------------------------------------------------------------------------- 4 SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $71,900 $79,000/$74,000 Contract Guinea EQUATORIAL September (plus provides for GUINEA, INC. 2008 approximately dayrate ("HESS") $19,000 of increases amortized per based upon day revenue.) certain cost escalations as well as an approximately $15,000 per day reduction during periods when the rig is being relocated to a new drilling site. Thus far, in the fourth quarter of fiscal year 2007, the rig has incurred six zero rate days due to equipment related issues. - ----------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $71,900 N/A Dayrate Guinea (2 years) subject to September increase due 2010 to contract (if all cost four escalations. six-month options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- 5 - ------------------------------------------------------------------------------------------------------------------------------------ SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf of HELIS OIL & FIRM WORK - $80,000 $35,000/$32,000 Mexico GAS ("HELIS") October 2007 - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of N/A N/A N/A N/A The rig is Mexico expected to incur forty (40) to sixty (60) zero rate days during the first quarter of fiscal year 2008 for a life enhancing upgrade. This upgrade is expected to cost $13 million to $15 million and will extend the life of the rig seven years from January 2008. - -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The effective tax rate for fiscal year 2007 is now expected to be around 14%. 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 JULY 2007 $ 16,000 6 -----END PRIVACY-ENHANCED MESSAGE-----