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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: January 6, 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
Repairs to the ATWOOD BEACON from damaged incurred in July 2004 have been
completed, with a leg length of 489 feet. During an appropriate period between
future contracts, we plan to increase the leg length to 517 feet, giving the rig
a nominal water depth rate of 400 feet, as per the original design. The rig is
preparing to commence its mobilization to Vietnam for its drilling commitment
with HOANG LONG and HOAN VU Joint Operating Companies to drill three firm wells,
with options to drill three additional wells. Drilling of the three firm wells
is expected to take 200 days to complete and if all of the option wells are
drilled the drilling program could be extended another 200 days. The dayrate for
the three firm wells is $62,000, with a dayrate of $77,000 for any option wells
drilled.
The ATWOOD SOUTHERN CROSS has completed its drilling program for Murphy
Sarawak Oil Company, Ltd. and is preparing to move to Myanmar to commence work
under its contract with Daewoo International Corporation ("Daewoo") to drill two
(2) firm wells, with an option to drill one (1) additional well. The Daewoo work
is expected to take 90 days to complete. The dayrate for the two firm wells is
$35,000 and if the option well is drilled, the dayrate will be $40,000.
Following completion of the Daewoo work, the rig is expected to be idle up to
four weeks for certain equipment upgrades and required maintenance. Additional
work for the rig is being pursued in Southeast Asia and other parts of the
world.
The SEAHAWK is currently drilling at a dayrate of $45,900 the first of its
two well drilling program for Sarawak Shell Berhad ("Shell"). This drilling
program is expected to extend into February 2005. Following completion of the
current Shell work, the rig is expected to be idle for approximately four weeks
for certain maintenance work. Additional work for the rig is being pursued in
Southeast Asia, as well as other areas of the world.
The RICHMOND is currently preparing to commence drilling the fifth well
under its contract with Helis Oil & Gas Company ("Helis"). Upon completion of
this well, the rig will have three (3) additional firm wells to drill for Helis,
with Helis having an option to drill two additional wells. The drilling of the
remaining firm wells is estimated to be completed in July/August 2005 and, if
the option wells are drilled, the contract could extend into November 2005. The
dayrate to apply during the fifth and sixth wells is $30,000 and the dayrate to
apply to the seventh and eighth wells is $32,500. The dayrate for the option
wells will be $39,500.
Additional information with respect to the Company's Contract Status
Summary at January 6, 2005 is attached as Exhibit 99.2, which is being furnished
in accordance with rule 101 (e) (i) under Regulation FD and should not be deemed
to be filed.
ITEM 8.01 OTHER EVENTS
On January 6, 2005, the Company announced that the ATWOOD EAGLE has
recently completed the first of three consecutive wells for BHP Billiton
Petroleum Pty. ("BHP") in Australia after BHP exercised its two remaining
options in its current drilling program. The drilling of these three wells is
estimated to take until the end of February 2005 to complete. With the exercise
of the options by BHP to drill two additional wells, the rig will not have any
idle time between completion of the current BHP drilling program and
commencement of its next drilling program for Woodside Energy Ltd. ("Woodside").
Immediately following the completion of drilling of the three wells for BHP, the
rig will commence its drilling commitment with Woodside to drill four firm wells
with options to drill three additional wells off the coast of Australia. The
drilling of the four firm wells is expected to take approximately four months to
complete. The dayrates for the wells to be drilled under the current BHP and
Woodside drilling programs are $89,500 for wells drilled in water depths below
600 meters and $109,000 for wells drilled in water depths of 600 meters or more
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except that the first well drilled in water depth between 600 meters and 700
meters for Woodside will have a dayrate of $99,000.
The Company also announced that the ATWOOD EAGLE has been awarded
additional work by BHP following the completion of its contract with Woodside to
drill one (1) firm well with an option to drill one (1) additional well. The
dayrate for the additional BHP work is a split currency rate of US $120,000 plus
Australian $40,000, which equates to a total dayrate of approximately US
$150,000.
A copy of the press release announcing the additional work awarded to the
ATWOOD EAGLE 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 January 6, 2005
EX-99.2 Contract Status Summary at January 6, 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: January 6, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated January 6, 2005
EX - 99.2 Contract Status Summary at January 6, 2005
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EXHIBIT EX. - 99.1
ATWOOD ANNOUNCES ADDITIONAL WORK AWARDED TO THE ATWOOD EAGLE
Houston, Texas
06 January 2005
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc. (Houston-based International Offshore Drilling
Contractor - NYSE: ATW) announced today that the ATWOOD EAGLE has recently
completed the first of three consecutive wells for BHP Billiton Petroleum Pty.
("BHP") in Australia after BHP exercised its two remaining options in its
current drilling program. The drilling of these three wells is estimated to take
until the end of February 2005 to complete. With the exercise of the options by
BHP to drill two additional wells, the rig will not have any idle time between
completion of the current BHP drilling program and commencement of its next
drilling program for Woodside Energy Ltd. ("Woodside"). Immediately following
the completion of drilling of the three wells for BHP, the rig will commence its
drilling commitment with Woodside to drill four firm wells with options to drill
three additional wells off the coast of Australia. The drilling of the four firm
wells is expected to take approximately four months to complete. The dayrates
for the wells to be drilled under the current BHP and Woodside drilling programs
are $89,500 for wells drilled in water depths below 600 meters and $109,000 for
wells drilled in water depths of 600 meters or more except that the first well
drilled in water depth between 600 meters and 700 meters for Woodside will have
a dayrate of $99,000.
The Company also announced that the ATWOOD EAGLE has been awarded
additional work by BHP following the completion of its contract with Woodside to
drill one (1) firm well with an option to drill one (1) additional well. The
dayrate for the additional BHP work is a split currency rate of US $120,000 plus
Australian $40,000, which equates to a total dayrate of approximately US
$150,000.
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.
Contact: Jim Holland
(281) 749-7804
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EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT JANUARY 6, 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 continues to work under the Shell contract
("SHELL") with the rig currently drilling the third of now four
firm wells after Shell exercised one of its two
options provided under the contract. This contract is
currently anticipated to extend into February 2005.
One option remains under the Shell contract.
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 could take until
approximately August 2005 to complete.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003, the rig commenced a drilling
("BURULLUS") program for Burullus which after the exercise of all
six options will be a drilling program totaling
sixteen wells. The drilling of all sixteen wells is
expected to take until approximately September 2005 to
complete.
ATWOOD EAGLE AUSTRALIA BHP BILLITON PETROLEUM The rig is currently drilling the first of three
("BHP") consecutive wells for BHP, which is expected to take
until the end of February 2005 to complete.
Immediately upon completion of the current BHP work,
the rig will commence a contract with Woodside Energy,
Ltd. ("Woodside") to drill four (4) firm wells with
options to drill three 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 would be completed around August 2005.
Upon completion of the Woodside drilling program the
rig will return to work for BHP to drill one (1) firm
well (expected to take 30 days to complete) with an
option to drill one (1) additional well.
SEAHAWK MALAYSIA SARAWAK SHELL BERHAD The rig is drilling the first of its two well drilling
("SHELL") program for Shell. The drilling program is expected
to extend into mid February 2005. Additional work,
following the Shell contract, is being pursued in
Southeast Asia as well as other areas of the world.
ATWOOD SOUTHERN CROSS MALAYSIA DAEWOO INTERNATIONAL The rig is preparing to mobilize to Myanmar to
CORPORATION ("DAEWOO") commence the Daewoo contract which includes the
drilling of two (2) firm wells plus an option to drill
one (1) additional well. The firm work is expected to
take 90 days to complete. The option well, if
drilled, would have a duration of approximately 45
days. Additional work, following the Daewoo contract,
is being pursued in Southeast Asia.
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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 May 2004, the rig's contract with EMEPMI was
PRODUCTION MALAYSIA INC. suspended and the rig moved to Thailand to commence a
("EMEPMI") drilling program for Chevron Offshore (Thailand)
Limited. This program has now been completed. The
rig has been relocated back to Malaysia and the EMEPMI
contract reinstated. The EMEPMI drilling commitment
includes the five months that the contract was
suspended plus an extension of twelve months, for a
total of seventeen months commencing in October 2004.
EMEPMI retains its right to terminate the contract by
providing 120 days notice.
ATWOOD BEACON SINGAPORE HOANG LONG AND HOAN VU Repairs to the rig from damage incurred in July 2004
JOINT OPERATING COMPANIES have been completed, with a leg length of 489 feet.
("HOANG LONG") During an appropriate period between future contracts,
we plan to increase the leg length to 517 feet, giving
the rig a nominal water depth rate of 400 feet, as per
the original design. The rig is preparing to
mobilize to Vietnam for commencement of its drilling
contract with HOANG LONG which includes the drilling
of three (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 preparing to commence drilling the fifth
GULF OF MEXICO ("HELIS") well under the Helis contract. Upon completion of
this well, the rig will have three (3) firm wells to
drill for Helis, with Helis retaining one option to
drill two (2) additional wells. The drilling of the
four firm wells is expected to take until July/August
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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