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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: June 16, 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
Additional information with respect to the Company's Contract Status
Summary at June 16, 2005 is attached hereto as Exhibits 99.2, which is being
furnished in accordance with rule 101 (e) (1) under Regulation FD and should not
be deemed to be filed.
ITEM 8.01 OTHER EVENTS
On June 16, 2005, the Company announced that the SEAHAWK, owned and
operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited, will
undergo certain life enhancing upgrades upon completion of its current
contractual commitment offshore Malaysia, which is currently estimated to be in
March 2006. These upgrades will be performed at a shipyard in or around
Singapore and will include deck expansion and strengthening, refurbishment of
accommodations, additions of hull sponsons, steel replacement and certain other
structural improvements. These various life enhancing upgrades are estimated to
cost around $15 million and are being planned to utilize the time that will be
available while preparing the rig for its two-year firm contract offshore
Equatorial Guinea, which, after mobilization from Southeast Asia, is estimated
to commence in August 2006.
The ATWOOD EAGLE is currently drilling the fourth (4) well of a now
ten-well (10) program for Woodside Energy, Ltd., after Woodside exercised its
option to drill three (3) additional wells. The drilling of the original
seven-well program is expected to extend into September 2005. The drilling of
the three (3) addition wells could occur before or after BHP Billiton Petroleum
drills its first commitment of one to two wells, with each well taking
approximately 30 days to complete. The dayrate for the original seven-well
program range from $89,000 to $109,000 depending upon water depth of each well;
while, the dayrate for the three additional wells will range from $160,000 to
$180,000 depending upon water depth of each well.
The ATWOOD BEACON continues to work under its drilling program for Hoang
Long in Vietnam which now includes the drilling of four (4) firm wells, after
the exercise of the first of three option wells. The drilling of the now four
(4) firm wells is expected to take until October/November 2005 to complete. If
the two (2) remaining option wells are drilled, the contract could extend into
January/February 2006. The dayrate, net of tax reimbursement, for the first
three wells is $62,000, with the fourth well and any other option wells drilled
having a net dayrate of $77,000.
The ATWOOD SOUTHERN CROSS has completed its contract with Daewoo offshore
Myanmar and is being demobilized to Singapore to prepare for its relocation to
the Mediterranean Sea for its next drilling program of three (3) firm wells plus
one (1) option well.
A copy of the press release announcing the SEAHAWK upgrade, the options
exercised under the ATWOOD EAGLE and ATWOOD BEACON contracts and the current
status of the ATWOOD SOUTHERN CROSS work is filed with the Form 8-K as Exhibit
99.1 and is incorporated herein by reference.
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ITEM 9.01 EXHIBITS
EXHIBIT NO.
EX-99.1 Press Release dated June 16, 2005
EX-99.2 Contract Status Summary at June 16, 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 in the construction and repair 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 war; 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, 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: June 16, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated June 16, 2005
EX - 99.2 Contract Status Summary at June 16, 2005
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EXHIBIT EX. - 99.1
ATWOOD OCEANICS ANNOUNCES UPGRADE OF SEAHAWK AND
EXERCISE OF OPTIONS ON ATWOOD EAGLE AND ATWOOD BEACON CONTRACTS
Houston, Texas
16 June 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston based International Offshore Drilling
Contractor - NYSE ATW) announced today that the SEAHAWK, owned and operated by
its wholly owned subsidiary Atwood Oceanics Pacific Limited, will undergo
certain life enhancing upgrades upon completion of its current contractual
commitment offshore Malaysia, which is currently estimated to be in March 2006.
These upgrades will be performed at a shipyard in or around Singapore and will
include deck expansion and strengthening, refurbishment of accommodations,
additions of hull sponsons, steel replacement and certain other structural
improvements. These various life enhancing upgrades are estimated to cost around
$15 million and are being planned to utilize the time that will be available
while preparing the rig for its two-year firm contract offshore Equatorial
Guinea, which, after mobilization from Southeast Asia, is estimated to commence
in August 2006.
The ATWOOD EAGLE is currently drilling the fourth (4) well of a now
ten-well (10) program for Woodside Energy, Ltd., after Woodside exercised its
option to drill three (3) additional wells. The drilling of the original
seven-well program is expected to extend into September 2005. The drilling of
the three (3) addition wells could occur before or after BHP Billiton Petroleum
drills its first commitment of one to two wells, with each well taking
approximately 30 days to complete. The dayrate for the original seven-well
program range from $89,000 to $109,000 depending upon water depth of each well;
while, the dayrate for the three additional wells will range from $160,000 to
$180,000 depending upon water depth of each well.
The ATWOOD BEACON continues to work under its drilling program for Hoang
Long in Vietnam which now includes the drilling of four (4) firm wells, after
the exercise of the first of three option wells. The drilling of the now four
(4) firm wells is expected to take until October/November 2005 to complete. If
the two (2) remaining option wells are drilled, the contract could extend into
January/February 2006. The dayrate, net of tax reimbursement, for the first
three wells is $62,000, with the fourth well and any other option wells drilled
having a net dayrate of $77,000.
The ATWOOD SOUTHERN CROSS has completed its contract with Daewoo offshore
Myanmar and is being demobilized to Singapore to prepare for its relocation to
the Mediterranean Sea for its next drilling program of three (3) firm wells plus
one (1) option well.
Statements contained in this release 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 in upgrade to the Company's rigs; competition;
operating risks; risks involved in foreign operations; risks associated with
possible disruptions in operations due to terrorism; 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, 2004, filed with the Securities and Exchange Commission.
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Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT JUNE 16, 2005
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NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON JAPAN JAPAN ENERGY DEVELOPMENT The rig is currently working under a two-firm well
CO. LTD. program for Japan Energy Development Co., Ltd. The
drilling of these two wells is estimated to take until
September/October 2005 to complete. Upon the
completion of the Japan Energy contract, the rig will
return to Malaysia to drill seven (7) firm wells with
options for six (6) additional wells for Sarawak
Shell. The drilling of the seven (7) firm wells is
expected to take approximately nine months to
complete, and if all option wells are drilled, the
contract could extend another seven to eight months.
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 period 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 is currently drilling the fourth well of now a
("WOODSIDE") ten-well (10) program, after Woodside exercised its
option to drill three (3) additional wells. The
drilling of Woodside original seven-well program is
expected to take until September 2005 to complete.
The drilling of the three (3) additional wells could
occur before or after BHP Billiton Petroleum drills
its first commitment of one to two wells, with each
well taking approximately 30 days to complete. The
first BHP drilling program includes one (1) firm well
(expected to take 30 days to complete) with an option
to drill one (1) additional well. The rig has been
awarded a second contract by BHP to drill eight (8)
firm wells with options for four (4) additional wells
off the Northwest coast of Australia. The drilling of
the eight (8) firm wells is estimated to take
approximately ten (10) months to complete and if all
four (4) option wells are drilled the contract could
extend an additional three (3) to four (4) months. If
all of the option wells are drilled, the combined
Woodside and BHP drilling programs could extend into
2007.
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SEAHAWK MALAYSIA SARAWAK SHELL BERHAD / The rig is currently working offshore Malaysia for
SABAH SHELL PETROLEUM Shell under a contract that should extend until the
COMPANY LIMITED ("SHELL") 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.
ATWOOD SOUTHERN CROSS ENROUTE TO BG INTERNATIONAL LIMITED The rig has completed its contract with Daewoo and is
SINGAPORE TO currently being demobilized to Singapore to prepare
PREPARE FOR ISRAMCO for its relocation to the Mediterranean Sea. The rig
RELOCATION TO is expected to arrive in the Eastern Mediterranean Sea
MEDITERRAN-EAN ENI SpA AGIP EXPLORATION in August 2005 and will drill one well each for BG
SEA & PRODUCTION DIVISION International Limited and Isramco, which is expected
to take 75 to 90 days to complete. Upon completing
the drilling of these two wells, the rig will enter a
shipyard for approximately 30 days for required
inspections, Italian certifications and equipment
upgrades prior to drilling one firm well for ENI SpA
AGIP Exploration Productions ("ENI") offshore Italy,
with ENI having an option to drill one additional well.
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 now includes the drilling of four
("HOANG LONG") (4) firm wells after the exercise of the first of
three option wells. The drilling of the now four (4)
firm wells is expected to take until October/November
2005 to complete and if the two (2) remaining option
wells are drilled, the contract could extend into
January/February 2006.
SUBMERSIBLE -
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RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently drilling the eighth well under
GULF OF MEXICO ("HELIS") the Helis contract. Upon completion of this well, the
rig will have two (2) firm wells to drill for Helis,
with Helis having one (1) option to drill up to four
(4) additional wells. The drilling of the current firm
wells is expected to take around September 2005 to
complete and if the option wells are drilled, the
contract could extend to late 2005 or early 2006.
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MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. These are client-owned rigs. The NORTH RANKIN 'A' rig
RANKIN 'A' is presently being refurbished and prepared for an
approximately one-year drilling program estimated to
commence around March 2006. There is currently an
indefinite planned break in drilling activity for
GOODWYN 'A' rig. The Company is involved in minimal
maintenance of these two rigs for future drilling
programs.
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