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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 2, 2008
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))
SECTION 1 – Registrant’s Business and Operations
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
In December 2007, our
wholly owned subsidiary, Atwood
Oceanics Pacific Limited (“AOPL”),
was
awarded a contract by
Chevron Australia Pty. Ltd.
to provide a newly constructed Mobile
Offshore Semisubmersible Drilling Unit for a firm three (3) year period,
with an option to extend the firm period
to six (6) years (which must be exercised within seven (7) days of delivery of the rig
from the shipyard). The contract provides for an operating dayrate of approximately
$470,000, if the firm commitment is
three (3) years, and approximately
$450,000, if the option is
exercised to extend the firm commitment period to six (6) years. Both dayrates are
subject to adjustment pursuant
to cost escalation provisions of
the contract.
To
provide the drilling rig required by this contract, AOPL has executed a construction
contract with Jurong Shipyard Pte. Ltd. (“Jurong”) to construct a Friede
& Goldman ExD Millennium Semisubmersible Drilling Unit. The new rig will be
constructed at Jurong’s shipyard in Singapore, with delivery expected to occur in
early 2011. AOPL estimates the total cost of the rig (including administrative and
overhead costs and capitalized interest) will be $570 million to $590 million.
Financing for the rig construction will be provided from a combination of ongoing cash
flow of AOPL and debt, as necessary, from the US$300,000,000 Credit Agreement of AOPL
recently arranged with several banks. The new rig will be able to conventionally moor
in up to 6,000 feet of water with its own mooring equipment and with pre-laid mooring
equipment could work in up to 8,000 feet of water. This rig will become the tenth
Company owned mobile offshore drilling unit. The Company has an option for a second rig
with Jurong which requires exercise by the Company prior to June 30, 2008. No
determination has been made by the Company at this time as to whether the option will
be exercised.
SECTION
2
– FINANCIAL
INFORMATION
ITEM 2.03 CREATION OF A DIRECT
FINANCIAL OBLIGATION OR AN OBLIGATION UNDER A OFF-BALANCE SHEET ARRANGEMENT OF A
REGISTRANT
On
January 2, 2008, the Registrant entered
into the construction contract more specifically described in Item 1.01 in this Current
Report on Form 8-K, which description is incorporated by reference in this item
2.03.
SECTION 9 – FINANCIAL STATEMENTS
AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) |
EXHIBITS |
10.1 |
Construction Contract dated January 2, 2008 |
99.1 Press Release dated January 3, 2008
possible disruption in operations due to terrorism; risks associated with a possible disruption in operations due to a war with Iraq; and governmental regulations and environmental matters. A list of additional risk factors can be found in the Registrant’s annual report on Form 10-K for the year ended September 30, 2007, filed with the Securities and Exchange Commission.
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
10.1 Construction
Contract dated January 2, 2008
99.1 |
Press Release dated January 3, 2008 |
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 |
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(Registrant) |
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/s/ James M. Holland |
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DATE: January 3, 2008 |