EXHIBIT 99.1

Houston, Texas
4 February 2009
 
FOR IMMEDIATE RELEASE
 

EARNINGS-

Atwood Oceanics, Inc., Houston-based International Drilling Contractor, announced today that the Company earned net income of $78,363,000 or $1.22 per diluted share, on revenues of $165,504,000 for the quarter ended December 31, 2008 compared to net income of $38,549,000 or $0.60 per diluted share, on revenues of $111,048,000 for the quarter ended December 31, 2007. 
 
 

	FOR THE THREE MONTHS ENDED
	DECEMBER 31,
		2008			2007
Revenues	$	165,504,000		$	111,048,000
Income before Income Taxes		91,716,000			43,111,000
Provision for Income Taxes		(13,353,000	)		(4,562,000	)
Net Income		78,363,000			38,549,000
Earnings per Common Share -
Basic		1.22			0.61
Diluted		1.22			0.60
Weighted Average Shares
Outstanding -
Basic		64,081,000			63,370,000
Diluted		64,332,000			64,324,000