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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: September 26, 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 8.01 OTHER EVENTS
On September 26, 2005, the Company announced that the ATWOOD FALCON and
VICKSBURG, both owned and operated by its wholly owned subsidiary Atwood
Oceanics Pacific Limited, have been awarded a contract extension and a new
contract, respectively. The ATWOOD FALCON `s current thirteen (13) well contract
with Sarawak Shell ("Shell") has been extended effective July 11, 2007 for two
years. This contract extension provides for the rig's water depth drilling
capabilities to be increased from 3,700 feet to 5,000 feet. This water depth
upgrade, to be paid for by Shell, is expected to cost $24 million and is planned
in July 2006 at a shipyard in Malaysia or elsewhere in Southeast Asia, with the
upgrade estimated to take 85 days to complete including rig moving time. The
contract extension provides for Shell to pay $12 million at the beginning of the
upgrade period and $12 million upon completion of the upgrade plus a dayrate
during the 85-day upgrade period of $90,200. The new extended contract now
provides for the drilling of one (1) well at a dayrate of $53,000 to $83,000
depending upon its water depth, six (6) wells at a dayrate of $93,000, six (6)
wells at a dayrate of $113,000 and, effective July 11, 2007 through July 10,
2009, for wells drilled in water depths less than 3,700 feet a day rate of
$160,000 will apply and for wells drilled in water depths greater than 3,700
feet a dayrate of $200,000 will apply. The higher dayrates will commence at the
end of the existing thirteen (13) wells drilling commitment or July 11, 2007,
whichever occurs first.
The VICKSBURG has been awarded a new contract by Chevron Overseas Petroleum
(Cambodia) Limited to drill eight (8) months offshore Cambodia immediately upon
the rig completing its drilling commitment with Petrofac Malaysia (estimated
September/October 2006). This contract provides for a dayrate of $94,500.
The ATWOOD SOUTHERN CROSS has completed its relocation to the Mediterranean
Sea and has commenced drilling one well for Isramco at a dayrate of $60,000. At
the completion of this work, the rig will be moved to a shipyard for
approximately 50 days for required inspections, Italian certification and
equipment upgrades prior to drilling two (2) wells at dayrates of $70,000 and
$73,000 for AGIP. Following the completion of the AGIP drilling program, the rig
will be moved to the Black Sea to commence a drilling program for Melrose at a
dayrate of $125,000.
The Company's only rig in the Gulf of Mexico, the RICHMOND, was safely
evacuated in advance of Hurricane Rita. An initial visual inspection of the rig
following the storm showed no signs of any major damage. A further inspection is
to be undertaken.
A copy of the press release announcing a contract extensions for the ATWOOD
FALCON, an award of a new contract for the VICKSBURG, the completion of the
mobilization of the ATWOOD SOUTHERN CROSS and a report on the RICHMOND following
Hurricane Rita is filed with the Form 8-K as Exhibit 99.1 and is incorporated
herein by reference.
ITEM 9.01 EXHIBITS
EXHIBIT NO.
EX-99.1 Press Release dated September 26, 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
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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: September 26, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated September 26, 2005
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EXHIBIT EX. - 99.1
ATWOOD OCEANICS ANNOUNCES ATWOOD FALCON CONTRACT EXTENSION,
VICKSBURG CONTRACT, ATWOOD SOUTHERN CROSS COMMENCES DRILLING IN
MEDITERRANEAN SEA AND RICHMOND REPORT AFTER HURRICANE RITA
Houston, Texas
26 September 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (a Houston based International Offshore Drilling
Contractor - NYSE ATW) announced today that the ATWOOD FALCON and VICKSBURG,
both owned and operated by its wholly owned subsidiary Atwood Oceanics Pacific
Limited, have been awarded a contract extension and a new contract,
respectively. The ATWOOD FALCON `s current thirteen (13) well contract with
Sarawak Shell ("Shell") has been extended effective July 11, 2007 for two years.
This contract extension provides for the rig's water depth drilling capabilities
to be increased from 3,700 feet to 5,000 feet. This water depth upgrade, to be
paid for by Shell, is expected to cost $24 million and is planned in July 2006
at a shipyard in Malaysia or elsewhere in Southeast Asia, with the upgrade
estimated to take 85 days to complete including rig moving time. The contract
extension provides for Shell to pay $12 million at the beginning of the upgrade
period and $12 million upon completion of the upgrade plus a dayrate during the
85-day upgrade period of $90,200. The new extended contract now provides for the
drilling of one (1) well at a dayrate of $53,000 to $83,000 depending upon its
water depth, six (6) wells at a dayrate of $93,000, six (6) wells at a dayrate
of $113,000 and, effective July 11, 2007 through July 10, 2009, for wells
drilled in water depths less than 3,700 feet a day rate of $160,000 will apply
and for wells drilled in water depths greater than 3,700 feet a dayrate of
$200,000 will apply. The higher dayrates will commence at the end of the
existing thirteen (13) wells drilling commitment or July 11, 2007, whichever
occurs first.
The VICKSBURG has been awarded a new contract by Chevron Overseas Petroleum
(Cambodia) Limited to drill eight (8) months offshore Cambodia immediately upon
the rig completing its drilling commitment with Petrofac Malaysia (estimated
September/October 2006). This contract provides for a dayrate of $94,500.
The ATWOOD SOUTHERN CROSS has completed its relocation to the Mediterranean
Sea and has commenced drilling one well for Isramco at a dayrate of $60,000. At
the completion of this work, the rig will be moved to a shipyard for
approximately 50 days for required inspections, Italian certification and
equipment upgrades prior to drilling two (2) wells at dayrates of $70,000 and
$73,000 for AGIP. Following the completion of the AGIP drilling program, the rig
will be moved to the Black Sea to commence a drilling program for Melrose at a
dayrate of $125,000.
The Company's only rig in the Gulf of Mexico, the RICHMOND, was safely
evacuated in advance of Hurricane Rita. An initial visual inspection of the rig
following the storm showed no signs of any major damage. A further inspection is
to be undertaken.
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
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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.
Contact: Jim Holland
(281) 749-7804
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