EXHIBIT 99.1

HOUSTON, TEXAS
21 NOVEMBER 2000

FOR IMMEDIATE RELEASE:

ATWOOD  OCEANICS,   INC.,   HOUSTON-BASED   INTERNATIONAL  DRILLING  CONTRACTOR,
ANNOUNCED TODAY THAT THE COMPANY AND ITS SUBSIDIARIES REPORTED NET INCOME OF USD
23,148,000,  OR  USD  1.66  PER  DILUTED  SHARE,  ON  CONTRACT  REVENUES  OF USD
134,514,000,  FOR THE FISCAL  YEAR ENDED  SEPTEMBER  30,  2000,  COMPARED TO NET
INCOME OF USD 27,720,000, OR USD 2.01 PER DILUTED SHARE, ON CONTRACT REVENUES OF
USD 150,009,000, FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1999.

COMPARED FIGURES ARE AS FOLLOWS:

                                                 2000              1999
                                           ===============    ================

FOR THE YEAR ENDED SEPTEMBER 30:

CONTRACT REVENUES                           USD 134,514,000    USD 150,009,000
INCOME BEFORE INCOME TAXES                       35,898,000         46,507,000
NET INCOME                                       23,148,000         27,720,000
EARNINGS PER COMMON SHARE -
     BASIC                                             1.68               2.03
     DILUTED                                           1.66               2.01
WEIGHTED AVERAGE SHARES OUTSTANDING -
    BASIC                                        13,763,000         13,649,000
    DILUTED                                      13,916,000         13,791,000



                                                        CONTACT:  JIM HOLLAND
                                                               (281) 749-7804