-----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, FsKby+tzgJGk8Q01ujTylImDVJClfTRHfqYv+OQUNIdiSVtb8B7eo8Qw3IX4d5ds is3N+4PRK5/+JwOGP4n7Eg== 0000008411-07-000128.txt : 20070928 0000008411-07-000128.hdr.sgml : 20070928 20070928114344 ACCESSION NUMBER: 0000008411-07-000128 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070928 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070928 DATE AS OF CHANGE: 20070928 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: 071141239 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 f8k092807.htm FORM 8K

_____________________________________________________________________

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 28, 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))


 

ITEM 7.01 REGULATION TO DISCLOSURE

      Additional information with respect to the Company’s Fleet Status Report at September 28, 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 19 of the Exchange Act.
 
 

ITEM 8.01 OTHER EVENTS

      The ATWOOD FALCON is currently working for Petronas Carigali Sdn. Bhd. (“Petronas”) under an assignment of the rig’s current contract with Sarawak Shell Berhad (“Shell”). The Petronas work involves the drilling of four (4) wells which is expected to take to the end of December 2007 to complete. The operating dayrate is the same as for Shell of $160,000/$200,000 depending upon water depth of each well drilled. At this time, we expect all of the Petronas work will be at the $160,000 dayrate. Immediately upon completion of the Petronas drilling program, the rig will return to work for Shell.

     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.


ITEM 9.01      EXHIBITS

          

EXHIBIT 99.1 Fleet Status Report at September 28, 2007


EXHIBIT INDEX
 

EXHIBIT NO.      DESCRIPTION

99.1     

Fleet Status Report at September 28, 2007





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 28, 2007



EX-99 2 ex991.htm EX99.1

EXHIBIT 99.1

 

ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF SEPTEMBER 28, 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


 
 
RIG NAME

RATED WATER DEPTH

LOCATION

CUSTOMER

ESTIMATED CONTRACT END DATE

ESTIMATED
CONTRACT DAYRATE

UNAUDITED AVERAGE PER DAY OPERATING COSTS (NOT INCLUDING TAX) FOR THE THREE MONTHS ENDED AUGUST 31, 2007 /MONTH ENDED AUGUST 31 , 2007 ONLY

ADDITIONAL COMMENTS

SEMISUBMERSIBLES:

ATWOOD
EAGLE

5000’

Australia

BHP BILLITON PETROLEUM PTY (“BHPB”)

FIRM WORK –

(4 wells)
December 2007

3 wells at approximately $160,000
1 well at approximately $170,000

$100,000/$90,000

Wells are subject to a change in sequence and a portion of the dayrate is subject to some change due to currency exchange rate variance.
 

   

Australia

BHPB

OPTIONS –

(2 wells)

February 2008 if the two remaining option wells are drilled.
 

Approximately $170,000

N/A

A portion of the dayrate is subject to some change due to currency exchange rate variance.


 

Australia

ENI Spa AGIP EXPLORATION & PRODUCTION DIVISION (“ENI”)

FIRM WORK –

(1 well)

April 2008 (assuming that the two above option wells are drilled)

$360,000

N/A

We expect the well to take 40 to 45 days to complete.

   

Australia

WOODSIDE
ENERGY LTD
(“WOODSIDE”)

FIRM WORK –

(2 years)

April 2010 (assuming that the two above option wells are drilled)

$405,000

N/A

A portion of the dayrate is subject to some change due to currency 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 HUNTER

5,000’

Egypt

BURULLUS GAS CO. (“BURULLUS”)

FIRM WORK –

January 2008

Commenced August 22, 2007
$320,000 first 90 days
$355,000 next 35 days
$410,000 thereafter (expected to be 15 days)

$75,000/$69,000

In August, the rig incurred one zero rate day due to equipment issues.
 
 

   

Mauritania

WOODSIDE (Reinstatement of suspended contract)

FIRM WORK

August 2008

$240,000

   
   

TBD

WOODSIDE

OPTIONS –
Two (2) six-month options.

August 2009, if exercised at negotiated market rate. (Agreement has to be executed by December 2007)

TBD

N/A

 

 

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. The rig could incur ten (10) zero rate days in the fourth quarter of fiscal year 2009 for regulatory inspections.

ATWOOD FALCON

5,000’

Malaysia

SARAWAK SHELL BERHAD (“SHELL”)

(Currently working for Petronas Carigali Sdn. Bhd. u nder a assignment from Shell. Immediately upon completion of the Petronas work (estimated December 2007, the rig will return to work for Shell.)

FIRM WORK –

(2 years)
July 2009

$160,000/
$200,000
(dayrate depends on water depth of each well)

$63,000/$61,000

(The $24 million Shell reimbursement is being amortized as revenues over 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 fourth quarter of fiscal year 2008 or first quarter of fiscal year 2009 due to required regulatory inspections.)

   

Malaysia

SHELL

OPTION –
(1 year)

TBD

N/A

 

ATWOOD SOUTHERN CROSS

2,000’

Turkey

TURKIYE PETROLLERI A.O. (“TPAO”)

FIRM WORK –

(3 wells)

October/November 2007

3 wells at $290,000

$60,000/$62,000

 

 

Bulgaria

MELROSE

FIRM WORK –

(2 wells)

December 2007 /January 2008

$145,000

N/A

 
   

Bulgaria

MELROSE

FIRM WORK
(1 well)

January/February 2008

$380,000

N/A

 
   

Turkey

TPAO

FIRM WORK –

(1 well)
February/March 2008

$320,000

N/A

 
   

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 BEACON

400’

India

GUJARAT STATE PETROLEUM CORPORATION LTD (“GSPC”)

FIRM WORK –

January 2008

$113,000

$45,000/$44,000

 
   

India

GSPC

FIRM WORK –

(12 months)

January 2009

$133,500

N/A

 
   

India

GSPC

OPTIONS – (1 year)

TBD

N/A

 
               

VICKSBURG

300’

Thailand

CHEVRON OVERSEAS PETROLEUM (“CHEVRON”)
 

FIRM WORK –

(2 years)
June 2009
 

$154,000

$42,000/$41,000

 


 

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.

SEMISUBMERSIBLE TENDER ASSIST UNIT:

SEAHAWK

1,800’

Equatorial Guinea

AMERADA HESS EQUATORIAL GUINEA, INC. (“HESS”)

FIRM WORK –

September 2008

$71,900

(plus approximately $19 ,000 of amortized per day revenue.)

$80,000/$75,000

Contract provides for dayrate increases based upon 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 Guinea

HESS

OPTIONS –

(2 years)
September 2010

(if all four six-month options are exercised)

$71,900

N/A

Dayrate subject to increase due to contract cost escalations.

SUBMERSIBLE :

         

RICHMOND

70’

US Gulf of Mexico

HELIS OIL & GAS (“HELIS”)

FIRM WORK –

October 2007

$80,000

$ 36,000/$36,000

 
   

US Gulf of Mexico

N/A

N/A

N/A

N/A

The rig is 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 AUGUST 2007           $ 15 ,000

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