-----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, V9AwuuZI93cNJAkmMTfI5iqVFddt5E1DhBkWsAs/LpvDK0FDk/qEm9YMj6h9oHLr Qd24lTYY+1Z+gZU0Uk7OUw== 0000008411-02-000010.txt : 20020414 0000008411-02-000010.hdr.sgml : 20020414 ACCESSION NUMBER: 0000008411-02-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011231 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 02521604 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 f8kfiledjan302002.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: January 30, 2002 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 7. EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED JANUARY 30, 2002 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2001 EXHIBIT 99.4 CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2001 AND SEPTEMBER 30, 2001 EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT JANUARY 30, 2002 ITEM 9. REGULATION FD DISCLOSURE ON JANUARY 30, 2002, THE COMPANY ANNOUNCED ITS EARNINGS FOR THE FISCAL YEAR 2002 FIRST QUARTER ENDED DECEMBER 31, 2001. 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. ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY'S CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000, AN ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2001, CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2001 AND SEPTEMBER 30, 2001 AND CONTRACT STATUS SUMMARY AT JANUARY 30, 2002 ARE ATTACHED HERETO AS EXHIBITS 99.2, 99.3, 99.4 AND 99.5, RESPECTIVELY, WHICH ARE 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 upgrade to the Company's rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruption in operations due to terrorism; and governmental regulations and environmental matters. A list of additional risk factors can be found in the Company' annual report on Form 10-K for the year ended September 30, 2001, 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: January 30, 2002 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated January 30, 2002 99.2 Consolidated Statements of Operations for the Three Months ended December 31, 2001 and 2000 99.3 Analysis of Contract Revenues and Drilling Costs for the quarter ended December 31, 2001 99.4 Consolidated Balance Sheets at December 31, 2001 and September 30, 2001 99.5 Contract Status Summary at January 30, 2002 EXHIBIT 99.1 HOUSTON, TEXAS 30 JANUARY 2002 FOR IMMEDIATE RELEASE ATWOOD OCEANICS, INC., HOUSTON-BASED INTERNATIONAL DRILLING CONTRACTOR, ANNOUNCED TODAY IT EARNED NET INCOME OF $8,158,000 OR $.59 PER DILUTED SHARE, ON CONTRACT REVENUES OF $37,234,000 FOR THE QUARTER ENDED DECEMBER 31, 2001, COMPARED TO NET INCOME OF $8,040,000 OR $.58 PER DILUTED SHARE ON CONTRACT REVENUES OF $39,524,000 FOR THE QUARTER ENDED DECEMBER 31, 2000. FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 2000 ---------------- ---------------- CONTRACT REVENUES $37,234,000 $39,524,000 =========== =========== INCOME BEFORE INCOME TAXES 12,387,000 12,555,000 PROVISION FOR INCOME TAXES (4,229,000) (4,515,000) ----------- ----------- NET INCOME 8,158,000 8,040,000 ============ =========== EARNINGS PER COMMON SHARE - BASIC .59 .58 DILUTED .59 .58 WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 13,832,000 13,823,000 DILUTED 13,912,000 13,930,000 CONTACT: JIM HOLLAND (281) 749-7804 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended December 31, --------------------------- 2001 2000 -------- ------- (Unaudited) REVENUES: Contract drilling $37,234 $39,524 ------- ------- COSTS AND EXPENSES: Contract drilling 16,214 17,574 Depreciation 5,823 6,634 General and administrative 2,670 2,365 ------- ------- 24,707 26,573 ------- ------- OPERATING INCOME 12,527 12,951 ------- ------- OTHER INCOME (EXPENSE) Interest expense (203) (966) Interest income 63 570 ------- ------- (140) (396) ------- ------- INCOME BEFORE INCOME TAXES 12,387 12,555 PROVISION FOR INCOME TAXES 4,229 4,515 ------- ------- NET INCOME $ 8,158 $ 8,040 ======= ======= EARNINGS PER COMMON SHARE: Basic $ .59 $ .58 Diluted .59 .58 AVERAGE COMMON SHARES OUTSTANDING: Basic 13,832 13,823 Diluted 13,912 13,930 (Contract drilling revenues and contract drilling costs for 2000 reflect the gross-up of mobilization revenues and costs, which were reported on a net basis prior to the adoption of Staff Accounting Bulletin 101 in the fourth quarter of 2001.) EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2001 (Unaudited) CONTRACT CONTRACT DRILLING DRILLING COSTS REVENUES ----------------- -------------------- (In Millions) ATWOOD FALCON $ 9.4 $ 2.2 ATWOOD SOUTHERN CROSS 5.8 2.5 SEAHAWK 5.6 2.1 ATWOOD EAGLE 5.3 3.3 VICKSBURG 5.2 2.2 RICHMOND 3.3 1.9 ATWOOD HUNTER 2.0 0.7 OTHER 0.6 1.3 ----- ----- $37.2 $16.2 ===== ===== EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands) DEC. 31,2001 SEP. 30, 2001 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 15,786 $ 12,621 Accounts receivable 23,254 19,815 Inventories of materials and supplies at lower of average cost or market 9,119 9,111 Deferred tax assets 780 780 Prepaid expenses 2,536 3,394 -------- -------- Total Current Assets 51,475 45,721 -------- -------- PROPERTY AND EQUIPMENT: Drilling vessels, equipment and drill pipe 522,176 497,821 Other 8,977 8,768 -------- -------- 531,153 506,589 Less-accumulated depreciation 206,087 200,335 -------- -------- Net Property and Equipment 325,066 306,254 -------- -------- DEFERRED COSTS AND OTHER ASSETS 3,916 1,903 -------- -------- $380,457 $353,878 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of notes payable --- --- Accounts payable 4,633 8,055 Accrued liabilities 13,622 12,609 -------- -------- Total Current Liabilities 18,255 20,664 -------- -------- LONG-TERM NOTES PAYABLE, net of current maturities: 80,000 60,000 -------- -------- 80,000 60,000 -------- -------- DEFERRED CREDITS: Income taxes 14,350 13,600 Other 12,058 11,978 -------- -------- 26,408 25,578 -------- -------- SHAREHOLDER'S EQUITY Preferred stock no par value; 1,000,000 shares authorized, none outstanding --- --- Common stock, $1 par value, 20,000,000 shares authorized with 13,832,000 issued and outstanding at Dec. 31, 2001 and Sep. 30, 2001, respectively 13,832 13,832 Paid-in capital 57,075 57,075 Retained earnings 184,887 176,729 -------- -------- Total Shareholders' Equity 255,794 247,636 -------- -------- $380,457 $353,878 ======== ========
EXHIBIT 99.5 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT JANUARY 30, 2002 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - ----------- -------- ---------- ----------------- SEMISUBMERSIBLES - - ------------------ ATWOOD FALCON PHILIPPINES SHELL PHILIPPINES The rig's current contract terminates upon EXPLORATION B.V. completion of the present work in progress, estimated to be between January and May 2002. Immediately upon completion of the current contract, the rig will be moved to Malaysia to commence a drilling program for Sarawak Shell Berhad and Sabah Shell Petroleum Company Ltd.("Shell"). The drilling contract includes five firm wells plus provides Shell with options to drill five additional wells and could extend approximately one-year if all ten wells are drilled. ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig has commenced an eleven-well drilling program estimated to take between 280 and 340 days to complete. ATWOOD EAGLE MEDITERRANEAN ENI S.P.A. - AGIP The rig is drilling a one-well program off the SEA DIVISION ("AGIP") coast of Sicily (estimated to be completed at the end of February 2002) with AGIP having an option to drill one additional well at a future date. An approximate $90 million upgrade of the rig is planned immediately upon the rig completing its current contractual commitment, and taking around six months shipyard time to complete. Contract opportunities to commence following the rig's upgrade are being pursued internationally. SEAHAWK MALAYSIA EXXONMOBIL The rig's current contract terminates in November EXPLORATION MALAYSIA 2003, with an option for the Operator to extend. INC. ATWOOD SOUTHERN MEDITERRANEAN GERMAN OIL & GAS EGYPT The rig has contractual commitments in Egypt CROSS SEA and Israel which should keep the rig employed until the fourth quarter of fiscal 2002. SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for GULF OF MEXICO future conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. CANTILEVER JACK-UPS - - ---------------------- VICKSBURG MALAYSIA - CARIGALI - TRITON The rig has commenced a drilling program expected THAILAND JOINT OPERATING COMPANY to include 31 wells (estimated to take around 540 DEVELOPMENT ("CTOC") days). CTOC has the option of canceling the AREA contract at any time after giving a sixty-day written notice of termination. ATWOOD BEACON UNDER CONSTRUCTION The Company expects the construction of this ultra-premium jack-up drilling unit to be completed in June 2003. SUBMERSIBLE - - -------------- RICHMOND UNITED STATES SAMEDAN OIL The rig is currently drilling one-well estimated to GULF OF MEXICO CORPORATION be completed in February 2002, with Samedan having ("SAMEDAN") an option to drill one additional well at a future date. Contract opportunities following completion of the current well are being pursued. MODULAR PLATFORMS - - -------------------- RIG-200 AUSTRALIA The rig is available for contract since it became idle in June 1999. MANAGEMENT/LABOR CONTRACTS 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. The Company is involved in maintenance of the two rigs for future drilling programs.
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