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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: June 4, 2003
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 7. EXHIBITS
EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT JUNE 4, 2003
ITEM 9. REGULATION FD DISCLOSURE
The ATWOOD FALCON has been awarded a contract by Japan Energy Development
Co., LTD to drill two wells off the coast of Japan. The contract provides for a
dayrate of $83,300, with mobilization and demobilization payments of $1.35
million, respectively. The ATWOOD FALCON is currently preparing to commence
drilling the final well under its Woodside contract, which should be completed
by the end of June 2003. The rig will then be moved to Malaysia to drill one
well for Sarawak Shell and one well for Murphy Sabah Oil Co., which should be
completed by the end of October 2003. Upon completing its work in Malaysia, the
rig will be moved to Japan. The time to move the rig plus perform certain
required inspections is expected to be approximately four weeks thus,
anticipated commencement of drilling operations in Japan is early to mid
December 2003. The drilling of the two wells in Japan is estimated to take
around 100 to 120 days to complete.
The RICHMOND, upon completing its current contract (estimated mid-June
2003), has been awarded a one firm well, plus two option-wells contract by
Spinnaker Exploration Company, L.L.C. The one firm well is estimated to take 50
days to complete, with a dayrate of $22,000. If drilled, the dayrate for the two
option-wells will be $24,000.
The ATWOOD EAGLE, currently working in Angola under a contract with ESSO
Exploration Angola, incurred approximately eight days of downtime in May 2003
due to an equipment failure. Normal operations resumed following equipment
repairs. The current consensus estimate of diluted earnings per share for the
Company's fiscal 2003 third quarter is $.06. With the downtime incurred by the
ATWOOD EAGLE due to its equipment failure problem, the Company expects to be
around a breakeven for the quarter ending June 30, 2003.
Additional information with respect to the Company's Contract Status
Summary June 4, 2003 is attached hereto as Exhibit 99.1 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 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 a war with Iraq; 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, 2002, 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: June 4, 2003
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Contract Status Summary at June 4, 2003
EXHIBIT 99.1
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONTRACT STATUS SUMMARY
AT June 4, 2003
NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS
SEMISUBMERSIBLES -
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ATWOOD FALCON AUSTRALIA WOODSIDE ENERGY LTD. The rig is preparing to commence drilling the
("WOODSIDE") last well under its contract with Woodside.
The contract is estimated to be complete
around the end of June 2003. Following
completion, the rig will be moved to Malaysia
to drill one well for Sarawak Shell and one
well for Murphy Sabah Oil Co. The drilling
of these wells should commence around August
1, 2003 and should take approximately 100
days to complete. Murphy has an option to
drill one additional well at a later date.
Following completion of its work in Malaysia,
the rig will be moved to Japan to drill two
wells estimated to take 100 to 120 days to
complete.
ATWOOD HUNTER ISRAEL SAMEDAN, MEDITERRANEAN The rig is drilling one well for Samedan,
SEA Mediterranean Sea ("Samedan"). This well is
estimated to be completed in mid-July 2003,
with Samedan having an option to drill one
additional well at a later date.
ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The rig is drilling the second well of a firm
(BLOCK 15) LIMITED three well contract with ESSO off the coast
("ESSO") of Angola. ESSO has options for four
additional wells. If no option wells are
drilled, the contract could terminate around
early August 2003.
SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in
PRODUCTION MALAYSIA INC. December 2003, with an option for the
Operator to extend.
ATWOOD SOUTHERN CROSS MEDITERRANEAN EDISON GAS S.p.A. The rig has commenced a contract with EDISON
SEA ("EDISON") to work on three plug and abandonment wells
which is expected to take approximately 60
days to complete. Contract opportunities for
additional work following completion of the
EDISON wells are being pursued in the
Mediterranean Area.
SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000
GULF OF MEXICO for future 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 -
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VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year
PRODUCTION MALAYSIA INC. drilling program (with an option by EMEPMI
("EMEPMI") for one additional year), with EMEPMI having
the right to terminate the drilling program
after one year at any time with a 120 days
notice period.
ATWOOD BEACON The construction of the ATWOOD BEACON
UNDER continues on schedule. The shipyard portion
CONSTRUCTION of the construction was completed in May
2003; additional equipment commissioning and
testing is currently being carried out which
may extend into July 2003 depending on the
schedule for commencing operations. The
Company is in discussion for a short-term
contract for the rig to commence operation in
July/August 2003.
SUBMERSIBLE -
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RICHMOND UNITED STATES OCEAN ENERGY, INC./DEVON The rig is currently drilling the second of
GULF OF MEXICO two wells for Ocean Energy, Inc./Devon.
This well should take until mid-June 2003 to
complete. Following completion of this
contract, the rig will commence a one-well,
plus options for two additional wells
contract for Spinnaker Exploration Company,
L.L.C. The one firm well is expected to take
50 days to complete.
MODULAR PLATFORMS -
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GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned
RANKIN 'A' break in 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.