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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 2, 2005
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
Internal Revenue Service - Employer Identification No. 74-1611874
15835 Park Ten Place Drive, Houston, Texas, 77084
(281) 749-7800
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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))
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ITEM 7.01 REGULATION FD DISCLOSURE
The ATWOOD FALCON is expected to complete its current drilling program for
Sarawak Shell Berhad ("Shell") by mid-March 2005. Immediately upon completion of
the Shell contract, the rig will be moved to Japan to commence a two well
program for Japan Energy Development Co., Ltd. The drilling of these two wells
could take until September 2005 to complete. The dayrate for the Japan work will
be $88,300 for all wells drilled, with a mobilization and demobilization fee of
approximately $1.9 million, respectively.
The ATWOOD EAGLE has commenced working under its drilling contract for
Woodside Energy, Ltd. ("Woodside") which includes the drilling of four (4) firm
wells with options to drill three (3) additional wells off the coast of
Australia. Upon completion of the Woodside drilling program, the rig will return
to work for BHP Billiton Petroleum ("BHP") to drill one (1) firm well with an
option to drill one (1) additional well. If all of the option wells are drilled,
the combined drilling programs could extend into November 2005. The dayrate for
the Woodside work ranges from $89,000 to $109,000 depending on water depths of
wells drilled. The dayrate for the BHP work is approximately $150,000.
The ATWOOD HUNTER continues to work under its sixteen (16) wells drilling
program for Burullus Gas Co. ("Burullus"). This drilling program is expected to
take until September 2005 to complete. Immediately upon completion of the
current drilling program, the rig will commence an estimated 30 days equipment
upgrade to enable the rig to have the capability of drilling high pressure wells
(15,000 P.S.I.). Upon completion of the upgrade, the rig will commence drilling
two (2) firm wells for Burullus off the coast of Egypt, which is estimated to
take 270 days to complete. The current dayrate is $62,400 which will apply
during the 30-day upgrade plus Burullus will pay a lump sum fee of $1.5 million
for the upgrade. After the equipment upgrade, the dayrate will increase to
$125,000 during the drilling of the two firm wells.
The SEAHAWK has completed its drilling commitment with Sarawak Shell
Berhad. The rig is in the process of preparing to move to a dockside location in
Malaysia and is expected to be off dayrate from mid-March 2005 through April
2005. The rig is expected to return to work in Malaysia in May 2005 at a dayrate
of $50,000 for a contract that should extend until the rig commences preparation
for its contract commitment in 2006 for Amerada Hess Equatorial Guinea, Inc.
("Hess") off the coast of Equatorial Guinea. The Hess contract is for a firm
period of 730 days with four options of 180 days each. The contract provides for
a base operating dayrate of $68,430.
The ATWOOD SOUTHERN CROSS continues to work under its contract with Daewoo
International Corporation ("Daewoo"), which now includes the drilling of three
(3) firm wells after Daewoo exercised its option. This drilling program is
expected to take until May/June 2005 to complete. This contract provides for a
dayrate of $35,000 for the first two wells and $40,000 for the last well.
Additional work, following the Daewoo contract is being pursued in Southeast
Asia and the Mediterranean as well as other areas of the world.
The RICHMOND is currently drilling the sixth well under its contract with
Helis Oil & Gas Company ("Helis"), which now includes ten (10) firm wells after
Helis exercised its most recent option. Helis has also been granted four
additional option wells. The dayrate for the sixth well is $30,000, with the
dayrate for wells 7 and 8 being $32,500 and wells 9 and 10 being $39,500. The
dayrate for the four option wells is $45,000. The drilling of the current
10-wells firm program is expected to take until July 2005 to complete and if the
option wells are drilled, the drilling program could extend into November 2005.
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Additional information with respect to the Company's Contract Status
Summary at March 2, 2005 is attached hereto as Exhibit 99.1, which is being
furnished in accordance with rule 101(e)(l) under Regulation FD and should not
be deemed to be filed.
ITEM 9.01 EXHIBITS
EXHIBIT NO.99.1
EX-99.1 Contract Status Summary at March 2, 2005
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; 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' annual report on Form 10-K for the year ended September 30, 2004, filed
with the Securities and Exchange Commission.
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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 2, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX-99.1 Contract Status Summary at March 2, 2005
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EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT MARCH 2, 2005
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA SARAWAK SHELL BERHAD The rig is expected to complete its current drilling
("SHELL") program for Shell by mid-March 2005. Immediately upon
completion of the Shell contract, the rig will be
moved to Japan to commence a two-firm well program for
Japan Energy Development Co., Ltd. The drilling of
these two wells is estimated to take until September
2005 to complete.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. The rig continues to work under its sixteen (16) wells
("BURULLUS") drilling program for Burullus, which is expected to
take until September 2005 to complete. Immediately
upon completion of the current drilling program, the
rig will commence an estimated 30-days equipment
upgrade to enable the rig to have the capability of
drilling high pressure wells (15,000 P.S.I.). Upon
completion of the upgrade, the rig will commence
drilling two (2) firm wells for Burullus off the cost
of Egypt, which is expected to take 270 days to
complete.
ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig has commenced a contract with Woodside to
("WOODSIDE") drill four (4) firm wells with options to drill three
(3) additional wells off the coast of Australia. The
drilling of the four firm wells is expected to take
approximately four months to complete, and if all the
option wells are drilled, the Woodside work could
extend into August 2005. Upon completion of the
Woodside drilling program, the rig will return to work
for BHP Billiton Petroleum to drill one (1) firm well
(expected to take 30 days to complete) with an option
to drill one (1) additional well.
SEAHAWK MALAYSIA The rig has completed its drilling commitment with
Sarawak Shell Berhad. The rig is in the process of
preparing to move to a dockside location in Malaysia
and is expected to be off dayrate from mid-March 2005
through April 2005. The rig is expected to return to
work in Malaysia in May 2005 on a contract that should
extend until the rig commences preparation for its
contract commitment in 2006 for Amerada Hess
Equatorial Guinea, Inc. ("Hess"). The Hess contract
is for a firm period of 730 days with four options of
180 days each.
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ATWOOD SOUTHERN CROSS MALAYSIA DAEWOO INTERNATIONAL The rig is currently drilling a three (3) firm wells
CORPORATION ("DAEWOO") program after Daewoo exercised an option. This
program is expected to take until May/June 2005 to
complete. Additional work, following the Daewoo
contract is being pursued in Southeast Asia and the
Mediterranean as well as other areas of the world.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for future
GULF OF MEXICO conversion to a tender-assist unit, similar to the
SEAHAWK. There are currently no upgrade plans and the
rig is currently coldstacked.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2004, the rig commenced drilling under a
PRODUCTION MALAYSIA INC. seventeen month program for EMEPMI. EMEPMI retains
("EMEPMI") its right to terminate the contract by providing 120
days notice.
ATWOOD BEACON VIETNAM HOANG LONG AND HOAN VU The rig is currently working under a drilling program
JOINT OPERATING COMPANIES for Hoang Long which includes the drilling of three
("HOANG LONG") (3) firm wells with options to drill three (3)
additional wells. The three firm wells have a
combined expected duration of 200 days and if all
option wells are drilled, the program could extend for
another 200 days.
SUBMERSIBLE -
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RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently drilling the sixth well under the
GULF OF MEXICO ("HELIS") Helis contract. Upon completion of this well, the rig
will have four (4) firm wells to drill for Helis, with
Helis having an option to drill four (4) additional
wells. The drilling of the current firm wells is
expected to take until July 2005 to complete and if
the option wells are drilled, the contract could
extend to November 2005.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in
RANKIN 'A' drilling activity for the two client-owned rigs
managed by the Company. The Company is involved in
maintenance of the two rigs for future drilling
programs.
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