TEXAS
|
74-1611874
|
|||
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S.
Employer Identification No.)
|
|||
15835
Park Ten Place Drive
|
77084
|
|||
Houston,
Texas
(Address
of principal executive offices)
|
(Zip
Code)
|
|||
281-749-7800
|
||||
(Registrant's
telephone number, including area code)
|
Part
I. Financial Information
|
||||
Item
1.
|
Unaudited
Condensed Consolidated Financial Statements
|
Page
|
||
a)
|
Condensed
Consolidated Statements of Operations
For
the Three and Six Months Ended March 31, 2009 and 2008
|
3
|
||
b)
|
Condensed
Consolidated Balance Sheets
As
of March 31, 2009 and September 30, 2008
|
4
|
||
c)
|
Condensed
Consolidated Statements of Cash Flows
For
the Six Months Ended March 31, 2009 and 2008
|
5
|
||
d)
|
Condensed
Consolidated Statement of Changes in Shareholders’
Equity
for the Six Months Ended March 31, 2009
|
6
|
||
e)
|
Notes
to Condensed Consolidated Financial Statements
|
7
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
27
|
||
Item
4.
|
Controls
and Procedures
|
28
|
||
Part
II. Other Information
|
||||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
29
|
||
Item
6.
|
Exhibits
|
30
|
||
Signatures
|
31
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
March
31,
|
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Contract
drilling
|
$ | 140,652 | $ | 113,530 | $ | 306,156 | $ | 224,578 | ||||||||
COSTS
AND EXPENSES:
|
||||||||||||||||
Contract
drilling
|
53,008 | 51,845 | 108,405 | 102,905 | ||||||||||||
Depreciation
|
8,143 | 8,586 | 16,052 | 17,043 | ||||||||||||
General
and administrative
|
7,645 | 7,173 | 17,889 | 15,482 | ||||||||||||
Gains
on sale of equipment, net
|
(229 | ) | (112 | ) | (181 | ) | (85 | ) | ||||||||
68,567 | 67,492 | 142,165 | 135,345 | |||||||||||||
OPERATING
INCOME
|
72,085 | 46,038 | 163,991 | 89,233 | ||||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
expense, net of capitalized interest
|
(604 | ) | (139 | ) | (909 | ) | (942 | ) | ||||||||
Interest
income
|
52 | 455 | 167 | 1,174 | ||||||||||||
(552 | ) | 316 | (742 | ) | 232 | |||||||||||
INCOME
BEFORE INCOME TAXES
|
71,533 | 46,354 | 163,249 | 89,465 | ||||||||||||
PROVISION
FOR INCOME TAXES
|
15,106 | 4,599 | 28,459 | 9,161 | ||||||||||||
NET
INCOME
|
$ | 56,427 | $ | 41,755 | $ | 134,790 | $ | 80,304 | ||||||||
EARNINGS
PER COMMON SHARE (NOTE 3):
|
||||||||||||||||
Basic
|
$ | 0.88 | $ | 0.66 | $ | 2.10 | $ | 1.26 | ||||||||
Diluted
|
0.88 | 0.65 | 2.10 | 1.25 | ||||||||||||
AVERAGE
COMMON SHARES OUTSTANDING (NOTE 3):
|
||||||||||||||||
Basic
|
64,186 | 63,602 | 64,134 | 63,486 | ||||||||||||
Diluted
|
64,235 | 64,428 | 64,284 | 64,376 | ||||||||||||
The
accompanying notes are an integral part of these condensed consolidated
financial statements.
|
March
31,
|
September
30,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS:
|
||||||||
Cash
and cash equivalents
|
$ | 213,881 | $ | 121,092 | ||||
Accounts
receivable, net of an allowance
|
||||||||
of
$1,079 and $114 at March 31, 2009
|
||||||||
and
September 30, 2008, respectively
|
113,134 | 132,367 | ||||||
Insurance
receivable
|
3,068 | - | ||||||
Income
tax receivable
|
4,315 | 3,292 | ||||||
Inventories
of materials and supplies
|
50,686 | 37,906 | ||||||
Deferred
tax assets
|
21 | 21 | ||||||
Prepaid
expenses and deferred costs
|
4,389 | 10,225 | ||||||
Total
Current Assets
|
389,494 | 304,903 | ||||||
NET
PROPERTY AND EQUIPMENT
|
983,860 | 787,838 | ||||||
DEFERRED
COSTS AND OTHER ASSETS
|
5,697 | 3,856 | ||||||
$ | 1,379,051 | $ | 1,096,597 | |||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Accounts
payable
|
$ | 17,216 | $ | 16,987 | ||||
Accrued
liabilities
|
57,982 | 39,560 | ||||||
Deferred
credits
|
367 | 304 | ||||||
Total
Current Liabilities
|
75,565 | 56,851 | ||||||
LONG-TERM
DEBT
|
300,000 | 170,000 | ||||||
300,000 | 170,000 | |||||||
LONG
TERM LIABILITIES:
|
||||||||
Deferred
income taxes
|
9,709 | 10,595 | ||||||
Deferred
credits
|
4,937 | 7,942 | ||||||
Other
|
6,387 | 7,519 | ||||||
21,033 | 26,056 | |||||||
COMMITMENTS
AND CONTINGENCIES (SEE NOTE 9)
|
||||||||
SHAREHOLDERS'
EQUITY:
|
||||||||
Preferred
stock, no par value;
|
||||||||
1,000
shares authorized, none outstanding
|
- | - | ||||||
Common
stock, $1 par value, 90,000 shares
|
||||||||
authorized
with 64,186 and 64,031 issued
|
||||||||
and
outstanding at March 31, 2009
|
||||||||
and
September 30, 2008, respectively
|
64,186 | 64,031 | ||||||
Paid-in
capital
|
118,622 | 114,804 | ||||||
Retained
earnings
|
799,645 | 664,855 | ||||||
Total
Shareholders' Equity
|
982,453 | 843,690 | ||||||
$ | 1,379,051 | $ | 1,096,597 | |||||
Six
Months Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOW FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 134,790 | $ | 80,304 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
(used) by operating activities:
|
||||||||
Depreciation
|
16,052 | 17,043 | ||||||
Amortization
of debt issuance costs
|
314 | 515 | ||||||
Amortization
of deferred items
|
(6,849 | ) | (5,168 | ) | ||||
Provision
for doubtful accounts
|
965 | 650 | ||||||
Provision
for inventory obsolesence
|
470 | 130 | ||||||
Deferred
income tax benefit
|
(886 | ) | (1,526 | ) | ||||
Stock-based
compensation expense
|
3,965 | 3,489 | ||||||
Gains
on sale of equipment
|
(181 | ) | (85 | ) | ||||
Changes
in assets and liabilities:
|
||||||||
(Increase)
decrease in accounts receivable
|
18,268 | (8,079 | ) | |||||
Increase
in insurance receivable
|
(1,812 | ) | - | |||||
(Increase)
decrease in income tax receivable
|
(1,023 | ) | 670 | |||||
Increase
in inventory
|
(13,529 | ) | (5,211 | ) | ||||
Decrease
in prepaid expenses
|
6,002 | 3,898 | ||||||
Increase
in deferred costs and other assets
|
(764 | ) | (1,288 | ) | ||||
Increase
in accounts payable
|
229 | 1,140 | ||||||
Increase
in accrued liabilities
|
18,697 | 5,681 | ||||||
Increase
in deferred credits and other liabilities
|
3,829 | 842 | ||||||
Net
cash provided by operating activities
|
178,537 | 93,005 | ||||||
CASH FLOW FROM INVESTING
ACTIVITIES:
|
||||||||
Capital
expenditures
|
(213,433 | ) | (128,138 | ) | ||||
Proceeds
from sale of equipment
|
288 | 138 | ||||||
Net
cash used by investing activities
|
(213,145 | ) | (128,000 | ) | ||||
CASH
FLOW FROM FINANCING ACTIVITIES:
|
||||||||
Principal
payments on debt
|
- | (18,000 | ) | |||||
Proceeds
from debt
|
130,000 | 50,000 | ||||||
Proceeds
from exercise of stock options
|
8 | 3,176 | ||||||
Debt
issuance costs paid
|
(2,611 | ) | (1,336 | ) | ||||
Net
cash provided by financing activities
|
127,397 | 33,840 | ||||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
$ | 92,789 | $ | (1,155 | ) | |||
CASH AND CASH
EQUIVALENTS, at beginning of period
|
$ | 121,092 | $ | 100,361 | ||||
CASH AND CASH
EQUIVALENTS, at end of period
|
$ | 213,881 | $ | 99,206 | ||||
Non-cash
activities
|
||||||||
Increase
in insurance receivable related to reduction in value of spare capital
equipment and inventory
|
||||||||
of
spare capital equipment and inventory
|
$ | 1,256 | $ | - | ||||
Increase
(decrease) in accrued liabilities related to capital
|
||||||||
expenditures
|
$ | (275 | ) | $ | 2,294 | |||
Total
|
||||||||||||||||||||
Common
Stock
|
Paid-in
|
Retained
|
Stockholders’
|
|||||||||||||||||
(In
thousands)
|
Shares
|
Amount
|
Capital
|
Earnings
|
Equity
|
|||||||||||||||
September
30, 2008
|
64,031 | $ | 64,031 | $ | 114,804 | $ | 664,855 | $ | 843,690 | |||||||||||
Net
income
|
- | - | - | 134,790 | 134,790 | |||||||||||||||
Restricted
stock awards
|
154 | 154 | (154 | ) | - | |||||||||||||||
Exercise
of employee stock options
|
1 | 1 | 7 | - | 8 | |||||||||||||||
Stock
option and restricted stock
|
||||||||||||||||||||
award
compensation expense
|
- | - | 3,965 | - | 3,965 | |||||||||||||||
March
31, 2009
|
64,186 | $ | 64,186 | $ | 118,622 | $ | 799,645 | $ | 982,453 | |||||||||||
Three
Months
|
Six
Months
|
|||||||
Ended
|
Ended
|
|||||||
March
31, 2009:
|
||||||||
Increase
in contract drilling expenses
|
$ | 574 | $ | 1,138 | ||||
Increase
in general and administrative expenses
|
1,344 | 2,827 | ||||||
Decrease
in income tax provision
|
(470 | ) | (989 | ) | ||||
Decrease
of net income
|
$ | 1,448 | $ | 2,976 | ||||
Decrease
in earnings per share:
|
||||||||
Basic
|
$ | 0.02 | $ | 0.05 | ||||
Diluted
|
$ | 0.02 | $ | 0.05 | ||||
March
31, 2008:
|
||||||||
Increase
in contract drilling expenses
|
$ | 541 | $ | 897 | ||||
Increase
in general and administrative expenses
|
1,528 | 2,592 | ||||||
Decrease
in income tax provision
|
(535 | ) | (907 | ) | ||||
Decrease
of net income
|
$ | 1,534 | $ | 2,582 | ||||
Decrease
in earnings per share:
|
||||||||
Basic
|
$ | 0.02 | $ | 0.04 | ||||
Diluted
|
$ | 0.02 | $ | 0.04 |
Risk-Free
Interest Rate
|
1.5%
|
||
Expected
Volatility
|
42%
|
||
Expected
Life (Years)
|
5.2
|
||
Dividend
Yield
|
None
|
Wtd.
Avg.
|
||||||||||||||||
Wtd.
Avg.
|
Remaining
|
Aggregate
|
||||||||||||||
Number
of
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||||
Options (000s)
|
Price
|
Life (Years)
|
Value (000s)
|
|||||||||||||
Outstanding
at October 1, 2008
|
1,253 | $ | 18.82 | 6.5 | $ | 22,035 | ||||||||||
Granted
|
286 | $ | 14.65 | |||||||||||||
Exercised
|
(1 | ) | $ | 7.68 | $ | 11 | ||||||||||
Forfeited
|
(14 | ) | $ | 25.63 | ||||||||||||
Outstanding
at March 31, 2009
|
1,524 | $ | 17.98 | 6.7 | $ | (2,118 | ) | |||||||||
Exercisable
at March 31, 2009
|
968 | $ | 14.64 | 5.5 | $ | 1,883 | ||||||||||
Number
of
|
Wtd.
Avg.
|
|||||||
Shares (000s)
|
Fair Value
|
|||||||
Unvested
at September 30, 2008
|
581 | $ | 32.50 | |||||
Granted
|
173 | $ | 14.65 | |||||
Vested
|
(154 | ) | $ | 19.47 | ||||
Forfeited
|
(9 | ) | $ | 33.47 | ||||
Unvested
at March 31, 2009
|
591 | $ | 30.64 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
Net
|
Per
Share
|
Net
|
Per
Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
March
31, 2009:
|
||||||||||||||||||||||||
Basic
earnings per share
|
$ | 56,427 | 64,186 | $ | 0.88 | $ | 134,790 | 64,134 | $ | 2.10 | ||||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||||||||||
Stock
options
|
--- | 49 | $ | - | --- | 150 | $ | - | ||||||||||||||||
Diluted
earnings per share
|
$ | 56,427 | 64,235 | $ | 0.88 | $ | 134,790 | 64,284 | $ | 2.10 | ||||||||||||||
March
31, 2008:
|
||||||||||||||||||||||||
Basic
earnings per share
|
$ | 41,755 | 63,602 | $ | 0.66 | $ | 80,304 | 63,486 | $ | 1.26 | ||||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||||||||||
Stock
options
|
--- | 826 | $ | (0.01 | ) | --- | 890 | $ | (0.01 | ) | ||||||||||||||
Diluted
earnings per share
|
$ | 41,755 | 64,428 | $ | 0.65 | $ | 80,304 | 64,376 | $ | 1.25 | ||||||||||||||
March
31,
|
September
30,
|
|||||||||
2009
|
2008
|
|||||||||
Drilling
vessels and related equipment
|
||||||||||
Cost
|
$ | 1,317,449 | $ | 1,106,709 | ||||||
Accumulated
depreciation
|
(338,512 | ) | (324,376 | ) | ||||||
Net
book value
|
978,937 | 782,333 | ||||||||
Drill
Pipe
|
||||||||||
Cost
|
15,671 | 15,568 | ||||||||
Accumulated
depreciation
|
(12,754 | ) | (12,139 | ) | ||||||
Net
book value
|
2,917 | 3,429 | ||||||||
Furniture
and other
|
||||||||||
Cost
|
9,615 | 9,423 | ||||||||
Accumulated
depreciation
|
(7,609 | ) | (7,347 | ) | ||||||
Net
book value
|
2,006 | 2,076 | ||||||||
NET
PROPERTY AND EQUIPMENT
|
$ | 983,860 | $ | 787,838 | ||||||
5.
|
LONG-TERM
DEBT
|
March
31,
|
September
30,
|
||||||||
2009
|
2008
|
||||||||
2007
credit facility, bearing interest (market adjustable)
|
|||||||||
at
approximately 4.4% and 3.5% per annum at
|
|||||||||
March
31, 2009 and September 30, 2008, respectively
|
$ | 200,000 | $ | 170,000 | |||||
2008
credit facility, bearing interest (market adjustable)
|
|||||||||
at
approximately 4.1% per annum at March 31, 2009
|
100,000 | - | |||||||
$ | 300,000 | $ | 170,000 | ||||||
6.
|
FAIR
VALUE OF FINANCIAL INSTRUMENTS
|
7.
|
INCOME
TAXES
|
Liability
for Uncertain Tax Positions
|
||||
Balance
at October 1, 2008
|
$ | 3,492 | ||
Decreases
based on tax positions
|
||||
related
to prior fiscal years
|
(1,080 | ) | ||
Balance
December 31, 2008
|
$ | 2,412 | ||
|
-
|
our
dependence on the oil and gas
industry;
|
|
-
|
the
operational risks involved in drilling for oil and
gas;
|
|
-
|
risks
associated with the current global economic crisis and its impact on
capital markets, liquidity and financing of future drilling
activity;
|
|
-
|
changes
in rig utilization and dayrates in response to the level of activity in
the oil and gas industry, which is significantly affected by indications
and expectations regarding the level and volatility of oil and gas prices,
which in turn are affected by political, economic and weather conditions
affecting or potentially affecting regional or worldwide demand for oil
and gas, actions or anticipated actions by OPEC, inventory levels,
deliverability constraints, and future market
activity;
|
|
-
|
the
extent to which customers and potential customers continue to pursue
deepwater drilling;
|
|
-
|
exploration
success or lack of exploration success by our customers and potential
customers;
|
|
-
|
the
highly competitive and cyclical nature of our business, with periods of
low demand and excess rig
availability;
|
|
-
|
the
impact of possible disruption in operations due to terrorism, acts of
piracy, embargoes, war or other military
operations;
|
|
-
|
our
ability to enter into and the terms of future drilling
contracts;
|
|
-
|
the
availability of qualified
personnel;
|
|
-
|
our
failure to retain the business of one or more significant
customers;
|
|
-
|
the
termination or renegotiation of contracts by
customers;
|
|
-
|
the
availability of adequate insurance at a reasonable
cost;
|
|
-
|
the
occurrence of an uninsured loss;
|
|
-
|
the
risks of international operations, including possible economic, political,
social or monetary instability and compliance with foreign
laws;
|
|
-
|
the
effect public health concerns could have on our international operations
and financial results;
|
|
-
|
compliance
with or breach of environmental
laws;
|
|
-
|
the
incurrence of secured debt or additional unsecured indebtedness or other
obligations by us or our
subsidiaries;
|
|
-
|
the
adequacy of sources of liquidity for our operations and those of our
customers;
|
|
-
|
currently
unknown rig repair needs and/or additional opportunities to accelerate
planned maintenance expenditures due to presently unanticipated rig
downtime;
|
|
-
|
higher
than anticipated accruals for performance-based compensation due to better
than anticipated performance by us, higher than anticipated severance
expenses due to unanticipated employee terminations, higher than
anticipated legal and accounting fees due to unanticipated financing or
other corporate transactions and other factors that could increase general
and administrative expenses;
|
|
-
|
the
actions of our competitors in the offshore drilling industry, which could
significantly influence rig dayrates and
utilization;
|
|
-
|
changes
in the geographic areas in which our customers plan to operate or the tax
rate in such jurisdiction, which in turn could change our expected
effective tax rate;
|
|
-
|
changes
in oil and gas drilling technology or in our competitors' drilling rig
fleets that could make our drilling rigs less competitive or require major
capital investments to keep them
competitive;
|
|
-
|
rig
availability;
|
|
-
|
the
effects and uncertainties of legal and administrative proceedings and
other contingencies;
|
|
-
|
the
impact of governmental laws and regulations and the uncertainties involved
in their administration, particularly in some foreign
jurisdictions;
|
|
-
|
changes
in accepted interpretations of accounting guidelines and other accounting
pronouncements and tax laws;
|
-
|
risks
involved in the construction of a dynamically positioned semisubmersible
drilling unit without a contract;
|
-
|
although
our current long-term contract commitments do not provide for early
termination due to market deterioration, market declines could result in
requests to amend some of these contracts which, if amended, could alter
the timing of our current contracted cash
flows;
|
|
-
|
the
risks involved in the construction, upgrade and repair of our drilling
units, including project delays effecting our ability to meet contractual
commitments, as well as commencement of operations of our drilling units
following delivery; and
|
-
|
such
other factors as may be discussed in this report and our other reports
filed with the Securities and Exchange Commission, or
SEC.
|
Average
Per Day Revenues
|
||||||||||||||||
Fiscal
Year 2007
|
Fiscal
Year 2008
|
First
Six Months of Fiscal Year 2009
|
||||||||||||||
ATWOOD
HUNTER
|
$ | 234,000 | $ | 246,000 | $ | 505,000 | ||||||||||
ATWOOD
EAGLE
|
160,000 | 241,000 | 392,000 | |||||||||||||
ATWOOD
FALCON
|
138,000 | 216,000 | 202,000 | |||||||||||||
ATWOOD
SOUTHERN CROSS
|
171,000 | 321,000 | 141,000 | (1) | ||||||||||||
VICKSBURG
|
110,000 | 155,000 | 148,000 | |||||||||||||
ATWOOD
BEACON
|
109,000 | 128,000 | 131,000 | |||||||||||||
SEAHAWK
|
84,000 | 88,000 | 85,000 | |||||||||||||
RICHMOND
|
81,000 | 44,000 | (2) | 79,000 | ||||||||||||
1)
Rig has been idle since mid-December 2008.
|
||||||||||||||||
2)
Rig incurred life-enhancing upgrade during fiscal year
2008.
|
REVENUES
|
||||||||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
Three
Months Ended March 31,
|
Six
Months Ended March 31,
|
|||||||||||||||||||||||
2009
|
2008
|
Variance
|
2009
|
2008
|
Variance
|
|||||||||||||||||||
ATWOOD
HUNTER
|
$ | 49.2 | $ | 17.4 | $ | 31.8 | $ | 91.8 | $ | 46.1 | $ | 45.7 | ||||||||||||
ATWOOD
EAGLE
|
35.0 | 14.9 | 20.1 | 71.4 | 27.2 | 44.2 | ||||||||||||||||||
RICHMOND
|
7.3 | 3.0 | 4.3 | 14.5 | 3.9 | 10.6 | ||||||||||||||||||
ATWOOD
BEACON
|
12.0 | 11.6 | 0.4 | 23.8 | 22.2 | 1.6 | ||||||||||||||||||
ATWOOD
FALCON
|
16.0 | 16.7 | (0.7 | ) | 36.7 | 33.9 | 2.8 | |||||||||||||||||
SEAHAWK
|
7.7 | 8.6 | (0.9 | ) | 15.5 | 15.8 | (0.3 | ) | ||||||||||||||||
VICKSBURG
|
13.5 | 14.8 | (1.3 | ) | 26.9 | 28.7 | (1.8 | ) | ||||||||||||||||
ATWOOD
SOUTHERN CROSS
|
- | 26.5 | (26.5 | ) | 25.6 | 46.8 | (21.2 | ) | ||||||||||||||||
$ | 140.7 | $ | 113.5 | $ | 27.2 | $ | 306.2 | $ | 224.6 | $ | 81.6 | |||||||||||||
CONTRACT
DRILLING COSTS
|
||||||||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
Three
Months Ended March 31,
|
Six
Months Ended March 31,
|
|||||||||||||||||||||||
2009
|
2008
|
Variance
|
2009
|
2008
|
Variance
|
|||||||||||||||||||
ATWOOD
HUNTER
|
$ | 8.5 | $ | 6.9 | $ | 1.6 | $ | 17.4 | $ | 14.5 | $ | 2.9 | ||||||||||||
ATWOOD
EAGLE
|
11.4 | 10.2 | 1.2 | 21.4 | 20.1 | 1.3 | ||||||||||||||||||
ATWOOD
FALCON
|
6.5 | 5.9 | 0.6 | 13.1 | 11.4 | 1.7 | ||||||||||||||||||
RICHMOND
|
3.0 | 3.0 | - | 6.8 | 4.7 | 2.1 | ||||||||||||||||||
ATWOOD
BEACON
|
4.9 | 5.0 | (0.1 | ) | 9.3 | 9.4 | (0.1 | ) | ||||||||||||||||
VICKSBURG
|
4.1 | 4.4 | (0.3 | ) | 8.2 | 8.8 | (0.6 | ) | ||||||||||||||||
SEAHAWK
|
5.6 | 7.7 | (2.1 | ) | 11.6 | 16.3 | (4.7 | ) | ||||||||||||||||
ATWOOD
SOUTHERN CROSS
|
6.0 | 8.6 | (2.6 | ) | 14.1 | 16.3 | (2.2 | ) | ||||||||||||||||
OTHER
|
3.0 | 0.1 | 2.9 | 6.5 | 1.4 | 5.1 | ||||||||||||||||||
$ | 53.0 | $ | 51.8 | $ | 1.2 | $ | 108.4 | $ | 102.9 | $ | 5.5 | |||||||||||||
DEPRECIATION
EXPENSE
|
||||||||||||||||||||||||
(In
millions)
|
||||||||||||||||||||||||
Three
Months Ended March 31,
|
Six
Months Ended March 31,
|
|||||||||||||||||||||||
2009
|
2008
|
Variance
|
2009
|
2008
|
Variance
|
|||||||||||||||||||
RICHMOND
|
$ | 0.4 | $ | 0.2 | $ | 0.2 | $ | 0.9 | $ | 0.2 | $ | 0.7 | ||||||||||||
ATWOOD
HUNTER
|
1.6 | 1.5 | 0.1 | 3.1 | 2.9 | 0.2 | ||||||||||||||||||
ATWOOD
SOUTHERN CROSS
|
1.0 | 0.9 | 0.1 | 1.9 | 1.9 | - | ||||||||||||||||||
ATWOOD
FALCON
|
1.3 | 1.3 | - | 2.6 | 2.6 | - | ||||||||||||||||||
ATWOOD
BEACON
|
1.3 | 1.3 | - | 2.5 | 2.5 | - | ||||||||||||||||||
VICKSBURG
|
0.7 | 0.7 | - | 1.4 | 1.4 | - | ||||||||||||||||||
ATWOOD
EAGLE
|
1.1 | 1.1 | - | 2.3 | 2.2 | 0.1 | ||||||||||||||||||
SEAHAWK
|
0.6 | 1.5 | (0.9 | ) | 1.2 | 3.1 | (1.9 | ) | ||||||||||||||||
OTHER
|
0.1 | 0.1 | - | 0.2 | 0.2 | - | ||||||||||||||||||
$ | 8.1 | $ | 8.6 | $ | (0.5 | ) | $ | 16.1 | $ | 17.0 | $ | (0.9 | ) | |||||||||||
(a)
|
Evaluation
of Disclosure Controls and
Procedures
|
(b)
|
Changes
in Internal Control over Financial
Reporting
|
NAME
|
CAST
FOR
|
VOTE
WITHHELD
|
|||
Deborah
A. Beck
|
50,710,503
|
9,894,039
|
|||
Robert
W. Burgess
|
50,717,766
|
9,886,776
|
|||
George
S. Dotson
|
50,685,543
|
9,918,999
|
|||
Hans
Helmerich
|
59,930,357
|
674,185
|
|||
John
R. Irwin
|
60,006,033
|
598,509
|
|||
James
R. Montague
|
50,721,816
|
9,882,726
|
VOTES
FOR
|
VOTES
AGAINST
|
VOTES
WITHHELD
|
|||
60,181,847
|
274,661
|
148,034
|
|||
|
3.1
|
Amended
and Restated Certificate of Formation dated February 9, 2006 (Incorporated
herein by reference to Exhibit 3.1 of our Form 10-Q filed May 12,
2008).
|
|
3.2
|
Amendment
No. 1 to Amended and Restated Certificate of Formation dated February 14,
2008 (Incorporated herein by reference to Exhibit 3.2 of our Form 10-Q
filed May 12, 2008).
|
|
3.3
|
Second
Amended and Restated By-Laws, dated May 5, 2006 (Incorporated herein by
reference to Exhibit 3.2 of our Form 10-Q filed May 12,
2008).
|
|
3.4
|
Amendment
No. 1 to Second Amended and Restated By-Laws, dated June 7, 2007
(Incorporated herein by reference to Exhibit 3.4 of our Form 10-Q filed
May 12, 2008).
|
|
4.1
|
Rights
Agreement dated effective October 18, 2002 between the Company and
Continental Stock Transfer & Trust Company (Incorporated herein by
reference to Exhibit 4.1 of our Form 8-A filed October
21, 2002).
|
|
4.2
|
Certificate
of Adjustment of Atwood Oceanics, Inc. dated as of March 17, 2006
(Incorporated herein by reference to Exhibit 4.1 of our Form 8-K filed
March 23, 2006).
|
|
4.3
|
Certificate
of Adjustment of Atwood Oceanics, Inc. dated as of June 25, 2008
(Incorporated herein by reference to Exhibit 4.1 of our Form 8-K filed
June 25, 2008).
|
|
4.4
|
See
Exhibit Nos. 3.1, 3.2, 3.3, and 3.4 hereof for provisions of our Amended
and Restated Certificate of Formation (as amended) and Second Amended and
Restated By-Laws (as amended) defining the rights of our shareholders
(Incorporated herein by reference to Exhibits 3.1, 3.2, 3.3 and 3.4 of our
Form 10-Q filed May 12, 2008).
|
*31.1
|
Certification of Chief Executive Officer. |
*31.2
|
Certification of Chief Financial Officer. |
*32.1
|
Certificate of Chief Executive Officer pursuant to Section 906 of Sarbanes – Oxley Act of 2002. |
*32.2
|
Certificate
of Chief Financial Officer pursuant to Section 906 of Sarbanes – Oxley Act
of 2002.
|
|
3.1
|
Amended
and Restated Certificate of Formation dated February 9, 2006 (Incorporated
herein by reference to Exhibit 3.1 of our Form 10-Q filed May 12,
2008).
|
|
3.2
|
Amendment
No. 1 to Amended and Restated Certificate of Formation dated February 14,
2008 (Incorporated herein by reference to Exhibit 3.2 of our Form 10-Q
filed May 12, 2008).
|
|
3.3
|
Second
Amended and Restated By-Laws, dated May 5, 2006 (Incorporated herein by
reference to Exhibit 3.2 of our Form 10-Q filed May 12,
2008).
|
|
3.4
|
Amendment
No. 1 to Second Amended and Restated By-Laws, dated June 7, 2007
(Incorporated herein by reference to Exhibit 3.4 of our Form 10-Q filed
May 12, 2008).
|
|
4.1
|
Rights
Agreement dated effective October 18, 2002 between the Company and
Continental Stock Transfer & Trust Company (Incorporated herein by
reference to Exhibit 4.1 of our Form 8-A filed October
21, 2002).
|
|
4.2
|
Certificate
of Adjustment of Atwood Oceanics, Inc. dated as of March 17, 2006
(Incorporated herein by reference to Exhibit 4.1 of our Form 8-K filed
March 23, 2006).
|
|
4.3
|
Certificate
of Adjustment of Atwood Oceanics, Inc. dated as of June 25, 2008
(Incorporated herein by reference to Exhibit 4.1 of our Form 8-K filed
June 25, 2008).
|
|
4.4
|
See
Exhibit Nos. 3.1, 3.2, 3.3, and 3.4 hereof for provisions of our Amended
and Restated Certificate of Formation (as amended) and Second Amended and
Restated By-Laws (as amended) defining the rights of our shareholders
(Incorporated herein by reference to Exhibits 3.1, 3.2, 3.3 and 3.4 of our
Form 10-Q filed May 12, 2008).
|
|
*31.1
|
Certification
of Chief Executive Officer.
|
|
*31.2
|
Certification
of Chief Financial Officer
|
*32.1
|
Certificate
of Chief Executive Officer pursuant to Section 906 of Sarbanes –
Oxley Act
of 2002.
|
*32.2
|
Certificate
of Chief Financial Officer pursuant to Section 906 of Sarbanes – Oxley Act
of 2002.
|