EXHIBIT 99.1



HOUSTON, TEXAS

 06 DECEMBER  2000

FOR IMMEDIATE RELEASE:


       ATWOOD OCEANICS,  INC. (A HOUSTON BASED  INTERNATIONAL  OFFSHORE DRILLING
CONTRACTOR  -  NYSE:   ATW)   ANNOUNCED   TODAY  THAT  IT  HAS   PURCHASED   THE
SEMISUBMERSIBLE UNIT "OCEAN SCOUT" FROM OCEANEERING INTERNATIONAL, INC. FOR $4.5
MILLION.  THE HULL OF THE OCEAN  SCOUT IS  SIMILAR  IN  DESIGN TO THE  COMPANY'S
SEMISUBMERSIBLE  TENDER UNIT  "SEAHAWK"  CURRENTLY  WORKING IN MALAYSIA  UNDER A
FOUR-YEAR  CONTRACT  EXTENSION.  THE  COMPANY  PURCHASED  THE  OCEAN  SCOUT  FOR
CONVERSION AND UPGRADE TO A  SEMISUBMERSIBLE  TENDER UNIT.  DEPENDING UPON WATER
DEPTH AND OTHER OPERATIONAL REQUIREMENTS, THE COST OF THE CONVERSION AND UPGRADE
COULD  RANGE  FROM $40 TO $60  MILLION  AND TAKE  ELEVEN  TO  TWELVE  MONTHS  TO
COMPLETE.  THE CONVERSION AND UPGRADE WILL NOT BE UNDERTAKEN UNTIL AN ACCEPTABLE
CONTRACT OPPORTUNITY HAS BEEN SECURED.

Statements  contained  in this  press  release  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;   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.

                                            CONTACT:  JIM HOLLAND
                                                   (281) 749-7804