EX-99 2 exh991.htm FLEET STATUS REPORT JANUARY 15, 2008

ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF JANUARY 15, 2008

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, 2007, 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 NOVEMBER 30, 2007/MONTH ENDED NOVEMBER 30, 2007 ONLY

ADDITIONAL COMMENTS

SEMISUBMERSIBLES:

ATWOOD
EAGLE

5000’

Australia

BHP BILLITON PETROLEUM PTY (“BHPB”)

FIRM WORK –

(3 wells)

May 2008

3 well s at approximately $170,000

$123,000/$124,000 (We expect a reduction in December costs with the average for the quarter more in line with guidance of $110,000)

 

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)

July 2008

$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)

July 2010

$405,000

N/A

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

Australia

CHEVRON AUSTRALIA PTY. LTD. (“CHEVRON”)

FIRM WORK – (Until new semisubmersible arrives in Australia) February/March 2011

 

$430,000/$450,000

N/A

Subject to change due to cost escalation provision of contract.
   

Australia

CHEVRON

OPTION WORK –
Has option to continue to use rig for a mutually agreed term after the new semisubmersible arrives in Australia.

 

$430,000/$450,000

N/A

Subject to change due to cost escalation provision of contract.
   

Australia

N/A

N/A

N/A

N/A

The rig incurred fourteen (14) zero rate days during the first quarter of fiscal year 2008 for required regulatory inspections and planned maintenance.

 

ATWOOD HUNTER

5,000’

SHIPYARD

N/A

January 2008
(Estimated to leave the shipyard around January 25, 2008)

ZERO RATE

$76,000/$81,000

  
   

Tow to Mauritania

WOODSIDE
(Reinstatement of suspended contract)

February 2008
(Estimated 21 Days)

$228,000

N/A

  
   

Mauritania

WOODSIDE

FIRM WORK

August 2008

$240,000

N/A

  

 

TBD

N/A

N/A

N/A

N/A

In the first quarter of fiscal year 2008, the rig has incurred three (3) zero rate day due to an equipment related issue. 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”)

FIRM WORK –

July 2009

$160,000/
$200,000 (dayrate depends on water depth of each well)
plus approximately $24,000 of amortized per day revenue

$ 55,000/$54,000

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’

Mobilizing out of Black Sea (estimated to take 15 to 20 days)

  

FIRM WORK –
January 2008

$100,000

$71,000/$75,000

  
   

Turkey

TURKIYE PETROLLERI A.O. (“TPAO”)

FIRM WORK –

March 2008

$320,000

N/A

  
   

Italy

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

FIRM WORK –
Mobilization (estimated ten (10) days)

March 2008

$365,000

N/A

  
   

Italy

ENI

FIRM WORK –
Italian Certification (estimated ten (10) days) March/April 2008

 

$395,000

N/A

  
   

Italy

ENI

FIRM WORK –
(2 Wells)

August 2008

$406,000

N/A

  
   

Italy

ENI

OPTIONS –
(2 Wells)

November 2008
(if both wells drilled)

$406,000

N/A

  
   

TBD

N/A

N/A

N/A

N/A

The rig could incur four to ten 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

$47,000/$48,000

  
   

India

GSPC

FIRM WORK –

(12 months)

January 2009

$133,500

N/A

The rig could incur three (3) zero rate days during the second quarter of fiscal year 2008 for required inspections.
   

India

GSPC

OPTIONS – (1 year)

TBD

N/A

  
               

VICKSBURG

300’

Thailand

CHEVRON OVERSEAS PETROLEUM (“CHEVRON”)
 

FIRM WORK –

June 2009
 

$154,000

$43,000/$43,000

  

SEMISUBMERSIBLE TENDER ASSIST UNIT:

SEAHAWK

1,800’

Equatorial Guinea

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

FIRM WORK –

September 2008

$76 , 000

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

$91,000/$89,000

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. In the first quarter of fiscal year 2008, the rig incurred sixteen (16) zero rate days due to equipment related issues.
 
   

Equatorial Guinea

HESS

OPTIONS –

(2 years)
September 2010
(if all four six-month options are exercised)

$76,000

N/A

Dayrate subject to increase due to contract cost escalations.

SUBMERSIBLE :

          

RICHMOND

70’

US Gulf of Mexico

SHIPYARD

Mid-February 2008

  

$ 27,000/$15,000

The rig is currently in a shipyard undergoing an approximate $17 million of life enhancing upgrades, which currently is expected to take until mid-February 2008 to complete.
   

US Gulf of Mexico

HELIS OIL & GAS

FIRM WORK -
March 2008 (This one well commitment could be deferred)

$80,000 for approximately 30 days/$65,000 thereafter

N/A

  
   

US Gulf of Mexico

CONTANGO OPERATIONS INC. (“CONTANGO”)

FIRM WORK –
(2 Wells)
July 2008

$65,000

N/A

  
   

US Gulf of Mexico

CONTANGO

OPTION –
(1 Well)
September 2008

$65,000

N/A

  



NOTE – EXPECTED TAX RATE

1)      Virtually all of the Company’s tax provision 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. We now currently expect our effective tax rate for the first quarter of fiscal year 2008 as well as the fiscal year 2008 to be between 10% and 14%.

2)     

Other Drilling Costs in Addition to the Above Rig Costs –



AVERAGE PER DAY FOR THE THREE MONTHS ENDED NOVEMBER 2007           $ 10, 000