-----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, C/tcciozJ42fz+KLiSLqIxsw3YSpnxMYQlkgw1rCP5DMKWhuTqN+RG37RQzbgNy5 DPRoXgk3VWOYoL1rVBxgTw== 0000950129-07-001698.txt : 20070328 0000950129-07-001698.hdr.sgml : 20070328 20070328161919 ACCESSION NUMBER: 0000950129-07-001698 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070328 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070328 DATE AS OF CHANGE: 20070328 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: 07724474 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 h45076e8vk.txt FORM 8-K - CURRENT REPORT ================================================================================ 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: MARCH 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)) ================================================================================ -1- ITEM 7.01 REGULATION FD DISCLOSURE The Company's Fleet Status Report at March 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 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, the ATWOOD HUNTER continues to work under its contract commitments with Woodside Energy Ltd which extends to April/May 2008. The rig is currently being relocated from Mauritania to Libya with the dayrate increasing from $240,000 to $245,000 while working in Libya. The ATWOOD SOUTHERN CROSS is currently working for Melrose Resources ("Melrose") off the coast of Bulgaria. This program includes the drilling of two wells at a dayrate of $125,000 and one well at a dayrate of $155,000 plus options for two additional wells at a dayrate of $125,000. If the option wells are drilled, this program could enter into August 2007. Following completion of the Melrose contract, the rig will immediately commence a drilling program for Turkiye Petrolleri AO ("TPAO") offshore the coast of Turkey. This program now includes the drilling of four firm wells after TPAO exercised an option to drill one additional well. The dayrate for the first three wells will be $290,000, with the last well having a dayrate of $320,000. Following the completion of the TPAO work, the ATWOOD SOUTHERN CROSS has a drilling commitment with Vanco International Ltd. to drill one firm well at a dayrate of $325,000 with an option to drill one additional well at a dayrate of $325,000. If all option wells are drilled, the contract commitments for the ATWOOD SOUTHERN CROSS could extend into June 2008 based upon current estimates of time required to complete the various drilling commitments. 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 MARCH 28, 2007 -2- 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: March 28, 2007 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Fleet Status Report at March 28, 2007 -4- EX-99.1 2 h45076exv99w1.txt FLEET STATUS REPORT EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF MARCH 27, 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.
- ------------------------------------------------------------------------------------------------------------------------------------ UNAUDITED ESTIMATED AVERAGE PER RATED ESTIMATED CONTRACT DAY OPERATING ADDITIONAL RIG NAME WATER LOCATION CUSTOMER CONTRACT END DAYRATE COSTS (NOT COMMENTS DEPTH DATE INCLUDING TAX) FOR THE THREE MONTHS ENDED JANUARY 31, 2007/MONTH ENDED JANUARY 31, 2005 ONLY - ------------------------------------------------------------------------------------------------------------------------------------ SEMISUBMERSIBLES: - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 5000' Australia BHP BILLITON FIRM WORK -- 5 wells at $160,000 $89,000/93,000 Wells are EAGLE PETROLEUM PTY (7 wells 1 well at $170,000 subject to a ("BHPB") remaining 1 well at $150,000 change in including (expected to be sequence and a current drilled in July portion of the operation) and August 2007) dayrate is October 2007 subject to some change due to currency exchange rate variance. - ------------------------------------------------------------------------------------------------------------------------------------
1 - ------------------------------------------------------------------------------------------------------------------------------------ Australia BHPB OPTIONS -- $170,000 N/A A portion of (3 wells) the dayrate is January 2008 subject to some if all three change due to option wells currency are drilled exchange rate (The first variance. two option wells must be exercised no later than 68 days prior to the completion of the firm work) - ------------------------------------------------------------------------------------------------------------------------------------ Australia ENI Spa AGIP FIRM WORK -- $360,000 N/A We expect the EXPLORATION & (1 well) well to take 40 PRODUCTION March 2008 to 45 days to DIVISION (assuming that complete. ("ENI") all of the above option wells are drilled) - ------------------------------------------------------------------------------------------------------------------------------------ Australia WOODSIDE FIRM WORK -- $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is ("WOODSIDE") March 2010 subject to some (assuming change due to that all of currency that option exchange rate wells are variance. drilled) - ------------------------------------------------------------------------------------------------------------------------------------ Australia 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. - ------------------------------------------------------------------------------------------------------------------------------------
2 - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 5,000' Mauritania/ WOODSIDE FIRM WORK -- $240,000 $63,000/55,000 The rig is HUNTER Libya April/May 2008 (Mauritania) currently being $245,000 (Libya) mobilized to Libya, which should take approximately three weeks with arrival in Libya around mid-April 2007. (The dayrate during the mobilization period is 95% of $245,000 or approximately $233,000) - ------------------------------------------------------------------------------------------------------------------------------------ TBD WOODSIDE OPTIONS -- TBD N/A Two (2) six-month options. April/May 2009, if exercised at negotiated market rate. (Agreement has to be executed by November 2007) - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 5,000' Malaysia SARAWAK FIRM WORK -- $113,000 $78,000/$49,000 (The $24 million FALCON SHELL BERHAD July 10, 2007 (Average costs Shell reimburse- ("SHELL") for three months ment is being ended January 31, amortized as 2007 is high due revenues over to rig upgrade. the remaining to rig costs for firm contract January is more commitment in lines with following the current ongoing upgrade (32 expectation) 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 (dayrate work during July 2009 depends on water this period is depth of each expected to be well) at the $160,000 dayrate level. - ------------------------------------------------------------------------------------------------------------------------------------ Malaysia SHELL OPTION -- TBD N/A (1 year) - ------------------------------------------------------------------------------------------------------------------------------------
3 - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 2,000' Bulgaria MELROSE FIRM WORK -- $125,000 (two wells) $51,000/$48,000 SOUTHERN RESOURCES (3 wells) $155,000 (one well) CROSS ("MELROSE") June 2007 - ------------------------------------------------------------------------------------------------------------------------------------ Bulgaria MELROSE OPTIONS -- $125,000 N/A (2 wells) August 2007 (if both option wells are drilled) Options must be exercised ten (10) days prior to completion of second firm well. - ------------------------------------------------------------------------------------------------------------------------------------ Turkey TURKIYE FIRM WORK -- 3 wells at $290,000 N/A PETROLLERI (4 wells) 1 well at $320,000 A.O. ("TPAO") February 2008 (assuming above MELROSE option wells are drilled) - ------------------------------------------------------------------------------------------------------------------------------------ Ukraine VANCO FIRM WORK -- $325,000 N/A See above INTERNATIONAL (1 well) LTD. April 2008 ("VANCO") (assuming MELROSE options are exercised) - ------------------------------------------------------------------------------------------------------------------------------------ Ukraine VANCO OPTIONS -- $325,000 N/A See above (1 well) June 2008 (assuming MELROSE, and VANCO options are all exercised. - ------------------------------------------------------------------------------------------------------------------------------------
4 CANTILEVER JACK-UPS: - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 400' India GUJARAT STATE FIRM WORK -- $113,000 $44,000/$36,000 BEACON PETROLEUM January 2008 CORPORATION LTD ("GSPC") - ------------------------------------------------------------------------------------------------------------------------------------ India GSPC FIRM WORK -- $133,500 N/A (12 months) January 2009 - ------------------------------------------------------------------------------------------------------------------------------------ India GSPC OPTIONS -- TBD N/A (1 year) - ------------------------------------------------------------------------------------------------------------------------------------ VICKSBURG 300' Thailand CHEVRON FIRM WORK -- $94,500 $38,000/$34,000 OVERSEAS June 2007 PETROLEUM ("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 last quarter of fiscal year 200 or first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ------------------------------------------------------------------------------------------------------------------------------------
5 SEMISUBMERSIBLE TENDER ASSIST UNIT: - ------------------------------------------------------------------------------------------------------------------------------------ SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK -- $68,430 $76,000/$67,000 Contract provides Guinea EQUATORIAL September 2008 (plus approximately for dayrate (GUINEA, INC. $19,000 of amortized increases based "HESS") per day revenue.) upon certain cost escalations beginning with the second year of the contract. - ------------------------------------------------------------------------------------------------------------------------------------ Equatorial HESS OPTIONS -- $68,430 N/A Dayrate subject Guinea (2 years) to increase due September 2010 to contract cost (if all four escalations. six-month options are exercised) - ------------------------------------------------------------------------------------------------------------------------------------ SUBMERSIBLE: - ------------------------------------------------------------------------------------------------------------------------------------ RICHMOND 70' US Gulf of HELIS FIRM WORK -- $80,000 $34,000/33,000 Mexico OIL & GAS October 2007 ("HELIS") - ------------------------------------------------------------------------------------------------------------------------------------ US Gulf of N/A N/A N/A N/A The rig could Mexico be off dayrate for ten to fourteen days during the first or second quarters of fiscal year 2008 for required regulatory inspections and maintenance. - ------------------------------------------------------------------------------------------------------------------------------------
6 MANAGEMENT CONTRACT - ------------------------------------------------------------------------------------------------------------------------------------ NORTH N/A Australia WOODSIDE FIRM WORK -- Daily margin of The management RANKIN 'A' May 2007 around $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 THE MONTH ENDED JANUARY 2007 $13,000 7 -----END PRIVACY-ENHANCED MESSAGE-----