-----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, FNJ0vW95PnUwILqWS3urxZXbH+YsbYr10J0NTr1WI779NplKPaQdRXI1yyJZDYEk FpFEMZi9o03DDWGqpqga5Q== 0000008411-02-000014.txt : 20020414 0000008411-02-000014.hdr.sgml : 20020414 ACCESSION NUMBER: 0000008411-02-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020226 ITEM INFORMATION: Other events FILED AS OF DATE: 20020226 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: 02558604 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 f8k022602.txt CREDIT FACILITY INCREASE ================================================================================ 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: February 26, 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 5. OTHER EVENTS ON FEBRUARY 26, 2002 THE COMPANY ANNOUNCED THAT IT AMENDED ITS REVOLVING CREDIT FACILITY WITH ITS BANK GROUP TO INCREASE THE BORROWING CAPACITY UNDER THE FACILITY FROM $150 MILLION TO $175 MILLION. A COPY OF THE PRESS RELEASE ANNOUNCING THE AMENDMENT TO THE CREDIT FACILITY IS FILED WITH THIS FORM 8-K AS EXHIBIT 99.1 AND IS INCORPORATED HEREIN BY REFERENCE. ITEM 7. EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED FEBRUARY 26, 2002 EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT FEBRUARY 26, 2002 ITEM 9. REGULATION FD DISCLOSURE THE RICHMOND HAS COMPLETED ITS CURRENT CONTRACTUAL COMMITMENT AND HAS BEEN MOVED TO A DOCKSIDE LOCATION TO UNDERGO SOME GENERAL MAINTENANCE, PAINTING AND REQUIRED INSPECTIONS WHICH COULD TAKE FOUR TO SIX WEEKS TO COMPLETE. CONTRACT OPPORTUNITIES FOR THE RIG TO COMMENCE FOLLOWING THE COMPLETION OF THE WORK PLANNED FOR THIS DOCKSIDE PERIOD ARE CURRENTLY BEING PURSUED. ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY'S CONTRACT STATUS SUMMARY AT FEBRUARY 26, 2002 IS ATTACHED HERETO AS EXHIBITS 99.2 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 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: February 26, 2002 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated February 26, 2002 99.2 Contract Status Summary at February 26, 2002 EXHIBIT 99.1 HOUSTON, TEXAS 26 FEBRUARY 2002 FOR IMMEDIATE RELEASE: ATWOOD OCEANICS, INC. HOUSTON - BASED INTERNATIONAL DRILLING CONTRACTOR, ANNOUNCED TODAY THAT IT HAS AMENDED ITS REVOLVING CREDIT FACILITY WITH ITS BANK GROUP TO INCREASE THE BORROWING CAPACITY UNDER THE FACILITY FROM $150 MILLION TO $175 MILLION. LOANS UNDER THE FACILITY WILL CONTINUE TO BEAR INTEREST AT VARYING RATES RANGING FROM 1% TO 2 1/4% OVER LIBOR, OR 0% TO 3/4% OVER PRIME, DEPENDING UPON THE RATIO OF DEBT TO EARNINGS BEFORE INTEREST, TAXES AND DEPRECIATION. THE AMENDED REVOLVING FACILITY PROVIDES FOR A REQUIRED REDUCTION OF $25 MILLION AT DECEMBER 31, 2003 AND DECEMBER 31, 2004, RESPECTIVELY, WITH THE REMAINING BALANCE OF $125 MILLION MATURING ON JUNE 30, 2005. THE PROCEEDS FROM THE AMENDED FACILITY WILL BE USED TO FUND THE COMPANY'S CAPITAL EXPENDITURES, AS WELL AS FOR OTHER GENERAL CORPORATE PURPOSES. CONTACT: JAMES HOLLAND (281) 749-7804 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT FEBRUARY 26, 2002 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - ----------- -------- -------- --------------- SEMISUBMERSIBLES - - ------------------- ATWOOD FALCON PHILIPPINES SHELL PHILIPPINES The rig's current contract terminates upon completion EXPLORATION B.V. of the present work in progress, estimated to be between March 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 SEA ENI S.P.A. - AGIP DIVISION The rig is drilling a one-well program off the coast of ("AGIP") 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 EXPLORATION & The rig's current contract terminates in November 2003, PRODUCTION MALAYSIA INC. with an option for the Operator to extend. ATWOOD SOUTHERN CROSS MEDITERRANEAN SEA GERMAN OIL & GAS EGYPT The rig has contractual commitments in Egypt and Israel which should keep the rig employed until the fourth quarter of fiscal 2002. SEASCOUT UNITED STATES GULF The SEASCOUT was purchased in December 2000 for future OF MEXICO conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. CANTILEVER JACK-UPS - - ---------------------- VICKSBURG MALAYSIA - THAILAND CARIGALI-TRITON The rig has commenced a drilling program expected to JOINT DEVELOPMENT OPERATING include 31 wells (estimated to take around 540 days). AREA COMPANY ("CTOC") CTOC has the option of canceling the 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 GULF The drilling unit has been moved to a dockside location to OF MEXICO undergo some general maintenance, painting and required inspections which could take four to six weeks to complete. Contract opportunities for the rig to commence following the completion of the work planned for this dockside period are currently 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 RANKIN 'A AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in drilling activity for the two client-owned rigs. The Company is involved in maintenance of the two rigs for future drilling programs.
-----END PRIVACY-ENHANCED MESSAGE-----