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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 12, 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 12, 2005, the Company announced that the VICKSBURG, owned and
operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited, has
been awarded a contract by Petrofac (Malaysia - PM 304), Ltd., ("PETROFAC) to
drill four (4) firm wells with options to drill three (3) additional wells off
the coast of Malaysia. The contract provides for a dayrate of $82,000 for the
four (4) firm wells and $87,000 for any option wells drilled. This contract will
commence immediately upon the rig, being demobilized back to Malaysia following
the completion of the drilling program for Total Exploration and Production
Myanmar (estimated March/April 2006). If all seven wells are drilled, the
Petrofac commitment could extend 150 to 200 days.
The ATWOOD BEACON is currently drilling the third of now a six (6) firm
well program offshore Vietnam for Hoang Long and Hoan Vu Joint Operating
Companies ("Hoang Long") after Hoang Long exercised its two (2) remaining
options. This drilling program is expected to extend to May/June 2006.
Immediately upon the rig completing its current contract in Vietnam, the rig
will commence its mobilization to India to commence a twenty-five (25) month
drilling program for Gujarat State Petroleum Corporation Ltd. at a dayrate
ranging from $113,000 to $133,500.
Due to a change in strategic objectives, BG International has given notice,
in accordance with the contract, of early termination of the contract for the
ATWOOD SOUTHERN CROSS to drill one well in the Mediterranean Sea. We do not
expect to incur any significant financial impact from this contract termination.
The rig has completed its mobilization to the Mediterranean Sea and is currently
preparing to commence drilling one well for Isramco in mid to late September
2005 at a dayrate of $60,000. Upon completion of the Isramco drilling program
(estimated November 2005), the rig will be moved to a shipyard for approximately
40 days for required inspections, Italian certification and equipment upgrade to
drill two firm wells for EniSpA AGIP Exploration & Production Division ("AGIP")
offshore Italy. This contract provides for a dayrate of $70,000 and $73,000 for
the two-firm wells. Upon completion of the AGIP drilling program (estimated
April to May 2006), the rig will immediately commence its drilling commitment
with Melrose Resources. This contract provides for an operating dayrate of
$125,000 and could extend for six (6) months.
A copy of the press release announcing the VICKSBURG contract, exercise of
ATWOOD BEACON options and early termination of a one (1) well contract for the
ATWOOD SOUTHERN CROSS 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 12, 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: September 12, 2005
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
EX - 99.1 Press Release dated September 12, 2005
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EXHIBIT EX. - 99.1
ATWOOD OCEANICS ANNOUNCES THE VICKSBURG CONTRACT,
EXERCISE OF ATWOOD BEACON OPTIONS AND
EARLY TERMINATION OF A ONE (1) WELL CONTRACT
FOR THE ATWOOD SOUTHERN CROSS
Houston, Texas
12 September 2005
FOR IMMEDIATE RELEASE
On September 12, 2005, the Company announced that the VICKSBURG, owned and
operated by its wholly owned subsidiary Atwood Oceanics Pacific Limited, has
been awarded a contract by Petrofac (Malaysia - PM 304), Ltd., ("PETROFAC) to
drill four (4) firm wells with options to drill three (3) additional wells off
the coast of Malaysia. The contract provides for a dayrate of $82,000 for the
four (4) firm wells and $87,000 for any option wells drilled. This contract will
commence immediately upon the rig, being demobilized back to Malaysia following
the completion of the drilling program for Total Exploration and Production
Myanmar (estimated March/April 2006). If all seven wells are drilled, the
Petrofac commitment could extend 150 to 200 days.
The ATWOOD BEACON is currently drilling the third of now a six (6) firm
well program offshore Vietnam for Hoang Long and Hoan Vu Joint Operating
Companies ("Hoang Long") after Hoang Long exercised its two (2) remaining
options. This drilling program is expected to extend to May/June 2006.
Immediately upon the rig completing its current contract in Vietnam, the rig
will commence its mobilization to India to commence a twenty-five (25) month
drilling program for Gujarat State Petroleum Corporation Ltd. at a dayrate
ranging from $113,000 to $133,500.
Due to a change in strategic objectives, BG International has given notice,
in accordance with the contract, of early termination of the contract for the
ATWOOD SOUTHERN CROSS to drill one well in the Mediterranean Sea. We do not
expect to incur any significant financial impact from this contract termination.
The rig has completed its mobilization to the Mediterranean Sea and is currently
preparing to commence drilling one well for Isramco in mid to late September
2005 at a dayrate of $60,000. Upon completion of the Isramco drilling program
(estimated November 2005), the rig will be moved to a shipyard for approximately
40 days for required inspections, Italian certification and equipment upgrade to
drill two firm wells for EniSpA AGIP Exploration & Production Division ("AGIP")
offshore Italy. This contract provides for a dayrate of $70,000 and $73,000 for
the two-firm wells. Upon completion of the AGIP drilling program (estimated
April to May 2006), the rig will immediately commence its drilling commitment
with Melrose Resources. This contract provides for an operating dayrate of
$125,000 and could extend for six (6) months.
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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