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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: July 15, 2002
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 1-13167
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
15835 Park Ten Place Drive 77084
Houston, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
281-749-7800
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ITEM 5. OTHER EVENTS
On July 15, 2002, the Company announced that the ATWOOD SOUTHERN CROSS has
been awarded two new contracts. A one well contract awarded by Oil Fields Ltd.
to drill off the coast of Israel and a two-well plus one option well contract
awarded by Eni S.p.A. - Agip Division ("AGIP") to drill off the coasts of Sicily
and Calabria. A copy of the press release announcing the contract awards is
filed with the Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. EXHIBITS
EXHIBIT 99.1 PRESS RELEASE DATED July 15, 2002
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT July 15, 2002
ITEM 9. REGULATION FD DISCLOSURE
RIG-200, a platform rig located in Australia that has been idle since June
1999, has been retired, with its equipment available for sale. RIG-200 is fully
depreciated; thus, its retirement has no significant impact on the Company's
financial statements.
Additional information with respect to the Company's contract status
summary at July 15, 2002 is attached hereto as EXHIBIT 99.2, which is being
furnished in accordance with Rule 101 (e)(1) under Regulation FD and should not
be deemed to be filed.
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 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, 2001, filed with the Securities and Exchange Commission.
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: July 15, 2002
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press Release Dated July 15, 2002
99.2 Contract Status Summary at July 15, 2002
EXHIBIT 99.1
Houston, Texas
15 July 2002
For Immediate Release
Atwood Oceanics, Inc. (a Houston based international offshore drilling
contractor - NYSE: ATW) announced today that the ATWOOD SOUTHERN CROSS has been
awarded two new contracts. A one-well contract awarded by Oil Fields Ltd. to
drill off the coast of Israel and a two-well plus one option well contract
awarded by Eni S.p.A. - AGIP division ("AGIP") to drill off the coasts of Sicily
and Calabria. The operating dayrate for the Oil Fields Ltd. well is $60,000,
with the well estimated to take 30 days to complete. The operating dayrate for
the AGIP work is $60,000, with this work estimated to take 60 to 90 days to
complete. AGIP will pay rig mobilization costs from Israel to Sicily. AGIP is
also paying $550,000 for upgrade of the ATWOOD SOUTHERN CROSS to meet certain
Italian requirements. Additionally, prior to commencing drilling operations, the
rig must undergo certain Italian inspections estimated to take five to ten days
to complete, with the first five days at zero rate and $38,000 per day for all
days beyond the first five days. The ATWOOD SOUTHERN CROSS is expected to
complete its current contract around mid-July 2002 and is not expected to
commence the Oil Fields Ltd. work until mid-August 2002. During this expected
month idle period, the rig will undergo required regulatory inspections and
upgrades for the AGIP contract.
CONTACT: Jim Holland
281-749-7804
EXHIBIT 99.2
EXHIBIT 99.2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT JULY 15, 2002
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
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SEMISUBMERSIBLES -
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ATWOOD FALCON MALAYSIA SARAWAK SHELL BERHAD/SABAH The rig is conducting a drilling program in Malaysia for
SHELL PETROLEUM Sarawak Shell Berhad and Sabah Shell Petroleum Company Ltd.
COMPANY LTD. ("Shell"). The drilling contract includes five firm wells
plus provides Shell with options to drill five additional
wells. Immediately upon completion of the Shell contract
commitment for its firm wells (estimated October 2002),
the rig will be moved to Australia to commence a program
providing for the drilling of two wells plus options to
drill three additional wells for Woodside Energy Ltd.
ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig commenced an eleven-well drilling program in
December 2001 estimated to be completed in October 2002.
Contract opportunities to commence following completion of
the rig's current contract are being pursued
internationally.
ATWOOD EAGLE SHIPYARD IN GREECE The rig is currently undergoing an approximate $90 million
water-depth upgrade and refurbishment. The upgrade should
take approximately six months shipyard time to complete
(October/November 2002). Contract opportunities to
commence following the rig's upgrade are being pursued
internationally.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in December 2003,
PRODUCTION MALAYSIA, INC. with an option for the Operator to extend.
ATWOOD MEDITERRANEAN SAMEDAN, MEDITERRANEAN The rig's current contract is estimated to terminate
SOUTHERN CROSS SEA SEA, INC. around July 15, 2002. The rig will commence a one-well
contract for Oil Fields Ltd. around August, 15, 2002,
estimated to take 30 days to complete. Upon completion of
the Oil Fields Ltd. contract, the rig will be moved to
Sicily to commence the AGIP contract.
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,
once an acceptable contract opportunity is secured.
CANTILEVER JACK-UPS -
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VICKSBURG MALAYSIA - CARIGALI-TRITON The rig commenced a drilling program in October 2001 which
THAILAND could include up to 31 wells depending on program
JOINT requirements; however, CTOC has the option of canceling
DEVELOPMENT the contract at any time after giving a sixty-day written
AREA notice of termination.
ATWOOD BEACON UNDER CONSTRUCTION The Company expects the construction of this ultra-premium
jack-up drilling unit to be completed in June 2003.
SUBMERSIBLE -
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RICHMOND UNITED STATES EL PASO PRODUCTION OIL The rig commenced drilling in May 2002 a one-well
GULF OF MEXICO (estimated to take between 70 and 90 days to complete)
plus one-option well program in the US Gulf of Mexico.
MODULAR PLATFORMS -
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GOODWYN 'A'/ AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in drilling
NORTH RANKIN 'A 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.