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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: March 3, 2004
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
N/A
(Former name or former address, if changed since last report.)
ITEM 5.
On March 3, 2004, the Company announced that ExxonMobil Exploration
Production Malaysia Inc. ("EMEPMI") has given written notice in accordance with
the early termination provision of the contract that they will terminate the
SEAHAWK contract upon completion of work in progress on June 29, 2004. The rig
has been contracted by EMEPMI since 1992. A copy of the press release announcing
this termination notice 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 MARCH 3, 2004
EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT MARCH 3, 2004
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 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, 2003,
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: March 3, 2004
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press Release Dated March 3, 2004
99.2 Contract Status Summary at March 3, 2004
EXHIBIT 99.1
Houston, Texas
3 March 2004
FOR IMMEDIATE RELEASE
Atwood Oceanics, Inc., (Houston-based International Offshore Drilling
Contractor - NYSE: ATW) announced today that ExxonMobil Exploration & Production
Malaysia Inc. ("EMEPMI") has given written notice in accordance with the early
termination provision of the contract that they will terminate the SEAHAWK
contract upon the completion of work in progress on June 29, 2004. The contract
provides for a demobilization fee of $1.8 million. The rig has been contracted
by EMEPMI since 1992. Additional work will be pursued in Southeast Asia as well
as other areas of the world.
Contact: Jim Holland
(281) 749-7804
EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT MARCH 3, 2004
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
----------- -------- -------- ---------------
SEMISUBMERSIBLES -
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ATWOOD FALCON JAPAN JAPAN ENERGY DEVELOPMENT The rig has commenced drilling the last well under its
CO. LTD. ("JED") drilling program for JED. The drilling program is
estimated to take around 60 to 80 days to complete.
Immediately upon completing the JED contract, the rig
will be moved to China to drill one well for Husky Oil
China Ltd. Additional work is currently being pursued
in Southeast Asia to follow the Husky well.
ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003, the rig commenced a drilling
("BURULLUS") program for Burullus which includes ten firm wells
plus options to drill six additional wells. The
drilling of the ten firm wells are expected to take
around 400 days to complete, and if all the option
wells are drilled, the contract could extend for
approximately 550 days.
ATWOOD EAGLE AUSTRALIA BHP BILLITON PETROLEUM The rig has completed its mobilization to Australia
PTY. LTD. ("BHP") AND and is preparing to commence the drilling program for
APACHE ENERGY LIMITED BHP and Apache, which includes three firm wells plus
("APACHE") options to drill an additional four wells. Drilling
of the three firm wells is expected to take three to
four months to complete.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & EMEPMI has given written notice that they will
PRODUCTION MALAYSIA terminate the current contract upon completion of work
INC. ("EMEPMI") in progress on June 29, 2004. Additional work will be
pursued in Southeast Asia as well as other areas of
the world.
ATWOOD SOUTHERN CROSS MOBILIZING TO MURPHY SARAWAK OIL The rig is currently being mobilized to Malaysia, with
MALAYSIA COMPANY, LTD. ("MURPHY") anticipated arrival around March 10, 2004. The
Company has a commitment from Murphy to drill two firm
wells plus options to drill an additional four wells.
Drilling of the two firm wells is expected to take 45
to 60 days to complete and if all option wells are
drilled, the drilling program could extend from around
150 to 180 days. A drilling contract with Murphy
should be formalized before the end of February 2004.
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. The rig is currently coldstacked.
CANTILEVER JACK-UPS -
----------------------
VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year drilling
PRODUCTION MALAYSIA INC. program (with an option by EMEPMI for one additional
("EMEPMI") year), with EMEPMI having the right to terminate the
drilling program after one year. The estimated
completion date of the current platform is around May
15, 2004.
ATWOOD BEACON MALAYSIA PETRONAS CARIGALI SDN. In early August 2003, the rig commenced working under
BHD. ("PETRONAS") a contract with Murphy Sarawak Oil Company, Ltd.
("Murphy") which provided for the drilling of three
firm wells plus options to drill five additional wells
off the coast of Malaysia. Murphy exercised its
option to extend the contract for the additional five
wells and then assigned four of the option wells to
Petronas. Petronas has awarded the rig four more firm
wells for a current total of eight wells to be
drilled. Petronas is presently drilling its fourth
well. The drilling program is expected to take until
May/June 2004 to complete. Contract opportunities for
additional work following completion of the Petronas
contract are being pursued in Malaysia as well as
other areas outside of Malaysia.
SUBMERSIBLE -
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RICHMOND UNITED STATES UNION OIL COMPANY OF The rig is currently drilling the fourth of its five
GULF OF MEXICO CALIFORNIA ("UNOCAL") well contract with UNOCAL. The contract should be
completed by the end of March 2004. Contract
opportunities for additional work following completion
of the UNOCAL contract are being pursued in the United
States Gulf of Mexico.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in
RANKIN 'A' drilling 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.