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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: MAY 21, 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
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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
Our management contract in Australia relating to the platform rigs North
Rankin `A' and Goodwyn `A' owned by Woodside Energy Ltd. ("WOODSIDE")
terminated, as anticipated, on May 19, 2007. Over the last few months, we earned
approximately $5,000 per day from services we provided under the management
contract.
BHP Billiton Petroleum Pty. Ltd. ("BHPB") has exercised their second option
under their contract for the ATWOOD EAGLE. Including the current well, the
remaining firm work for BHPB includes three (3) wells at a dayrate of
approximately $160,000, two (2) wells at a dayrate of approximately $170,000 and
one (1) well at a dayrate of approximately $150,000, all of which is expected to
be completed by the end of November 2007. BHPB also has two remaining options,
which, if exercised, could extend their total drilling program to January 2008.
Immediately upon completion of the BHPB drilling program, the ATWOOD EAGLE will
drill one (1) well, at a dayrate of $360,000, for ENI Spa AGIP Exploration &
Production Division which should take until late February or early March 2008 to
completed. The rig is then expected to incur ten (10) to fourteen (14) days of
zero rate time while undergoing required regulatory inspections and planned
maintenance prior to commencing its two-year drilling program for Woodside at a
dayrate of $405,000.
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, 2006, 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)
DATE: May 21, 2007 /s/ James M. Holland
James M. Holland
Senior Vice President