-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T3rBmZc+UtsAQxynxP+zarYqfIxkKt/7eeEy/hHR1BbULyfSz3CzRj9uTPSpBGGa wod0qKqshwpcBsEUD6NBmw== /in/edgar/work/0000008411-00-000017/0000008411-00-000017.txt : 20001122 0000008411-00-000017.hdr.sgml : 20001122 ACCESSION NUMBER: 0000008411-00-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20001121 ITEM INFORMATION: FILED AS OF DATE: 20001121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: [1381 ] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13167 FILM NUMBER: 774222 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 8-K 1 0001.txt 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: November 21, 2000 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 ================================================================================ ITEM 5. OTHER EVENTS ON NOVEMBER 21, 2000, THE COMPANY ANNOUNCED ITS EARNINGS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2000. A COPY OF THE PRESS RELEASE SUMMARIZING THESE EARNINGS IS FILED WITH THIS FORM 8-K AS EXHIBIT 99.1 AND IS INCORPORATED HEREIN BY REFERENCE. FOR THE QUARTER ENDED SEPTEMBER 30, 2000, THE COMPANY HAD NET INCOME OF USD 6,862,000, OR USD .49 PER DILUTED SHARE, ON CONTRACT REVENUES OF USD 37,558,000, COMPARED TO A NET INCOME OF USD 4,826,000, OR USD .35 PER DILUTED SHARE, ON CONTRACT REVENUES OF USD 34,980,000, FOR THE FOURTH QUARTER OF 1999. AS A RESULT OF A REDUCTION IN THE DEEMED INCOME TAX RATE IN EGYPT AND THE UTILIZATION OF CERTAIN FOREIGN TAX CREDITS TO REDUCE UNITED STATES TAX OBLIGATIONS, THE COMPANYS EFFECTIVE TAX RATE FOR THE QUARTER ENDED SEPTEMBER 30, 2000 WAS 29%, RESULTING IN AN EFFECTIVE TAX RATE FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2000 OF 35.5%. ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY'S CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999, AN ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED SEPTEMBER 30, 2000 AND CONTRACT STATUS SUMMARY AT NOVEMBER 21, 2000 ARE ATTACHED HERETO AS EXHIBITS 99.2, 99.3 AND 99.4 RESPECTIVELY. 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; risk involved in foreign operations; 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, 1999 filed with the Securities and Exchange Commission. ITEM 7. EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED NOVEMBER 21, 2000 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED SEPTEMBER 30, 2000 EXHIBIT 99.4 CONTRACT STATUS SUMMARY AT NOVEMER 21, 2000 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: 21 November 2000 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated November 21, 2000 99.2 Consolidated Statements of Operations for the Three Months ended September 30, 2000 and September 30, 1999 99.3 Analysis of Contract Revenues and Drilling Costs for the quarter ended September 30, 2000 99.4 Contract Status Summary at November 21, 2000 EX-99.1 2 0002.txt 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 EX-99.2 3 0003.txt EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended September 30, 2000 1999 --------------- ---------- (Unaudited) REVENUES: Contract drilling $ 35,914 $ 34,419 Contract management 1,644 561 ------------ ------------- 37,558 34,980 --------- ----------- COSTS AND EXPENSES: Contract drilling 15,783 16,222 Contract management 1,539 231 Depreciation 8,033 6,112 General and administrative 2,262 1,703 --------- ----------- 27,617 24,268 -------- ---------- OPERATING INCOME 9,941 10,712 --------- ---------- OTHER INCOME (EXPENSE) Interest expense (1,078) (946) Interest income 834 647 --------- ---------- (244) (299) INCOME BEFORE INCOME TAXES 9,697 10,413 PROVISION FOR INCOME TAXES 2,835 5,587 ------- ---------- NET INCOME 6,862 $ 4,826 ======= ========== EARNINGS PER COMMON SHARE: Basic $ .50 $ .35 Diluted $ .49 $ .35 AVERAGE COMMON SHARES OUTSTANDING: Basic 13,822 13,675 Diluted 13,964 13,855 EX-99.3 4 0004.txt EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED SEPTEMBER 30, 2000 (Unaudited) CONTRACT DRILLING AND MANAGEMENT COSTS CONTRACT REVENUES -------------------------------------------- (In Millions) ATWOOD FALCON $ 10.1 $ 2.1 ATWOOD HUNTER 8.3 3.5 SEAHAWK 5.9 1.8 ATWOOD EAGLE 5.0 2.4 ATWOOD SOUTHERN CROSS 4.3 3.4 VICKSBURG 2.9 1.5 OTHER 1.1 2.6 -------- ---- $ 37.6 $17.3 ====== ===== EX-99.4 5 0005.txt EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT NOVEMBER 21, 2000 NAME OF RIG LOCATION CONTRACT STATUS ATWOOD FALCON Malaysia Rig is under long-term contract which terminates in November 2001. Upon completion of current well in Malaysia, the rig will be relocated to the Philippines to recommence drilling program for Shell Philippines. ATWOOD HUNTER United States Following completion of its Gulf of Mexico contractual commitments (estimated January 2001), an additional upgrade is planned for the rig costing between $40 and $45 million, and taking four to five months to complete. ATWOOD EAGLE Mediterranean Rig is contractually committed into Sea the second half of fiscal 2001. An approximate $80 million upgrade of the rig is planned immediately upon the rig completing its current contractual commitments (estimated June to August 2001), and taking five to six months to complete. VICKSBURG India Rig is under term contract which expires at the completion of the well in progress at the end of December 2000. The rig is being marketed in India, Southeast Asia and West Africa with an increased dayrate for work following completion of its current contract. SEAHAWK Malaysia Rig is under long-term contract which terminates in fiscal 2003, with an option of the Operator to extend. ATWOOD SOUTHERN CROSS Mediterranean Rig is contractually committed in Sea Israel into the second quarter of fiscal 2001, with outstanding letters of intent which, if consummated by contract, could keep the rig employed into fiscal 2002. RICHMOND United States Rig is contractually committed in Gulf of Mexico the United States Gulf of Mexico into the second quarter of fiscal 2001. RIG-19 Australia Rig is available for contract since it became idle in September 1999. RIG-200 Australia Rig is available for contract since it became idle in June 1999. -----END PRIVACY-ENHANCED MESSAGE-----