8-K 1 f8k3142002.txt FD DISCLOSURE ================================================================================ 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: March 14, 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 CONTRACT STATUS SUMMARY AT MARCH 14, 2002 ITEM 9. REGULATION FD DISCLOSURE As previously reported, the RICHMOND was moved to a dockside location in February 2002 to undergo some general maintenance, painting and required inspections. After completing certain inspections, the Company has increased the scope of work on the rig which could take until the end of April to complete. The Company will incur approximately $1 million of additional cost in the quarter relating to the work being performed on the RICHMOND. Contract opportunities for the rig immediately following the completion of the work planned for the dockside period are being pursued. The ATWOOD EAGLE continues to work under its one-well program in Sicily which is currently expected to extend into April 2002. Upon completion of this commitment, the rig will be immediately moved to a shipyard in Greece to commence its $90 million upgrade. The ATWOOD FALCON continues its work in the Philippines, which is currently expected to extend into April 2002. Upon completion of this commitment, the rig will be moved to Malaysia to commence its firm five-well plus options contract. The ATWOOD SOUTHERN CROSS should complete its current drilling program in Egypt by the end of March, at which time it will commence drilling a one-well program in Egypt at a dayrate of $55,000. The Company is continuing with its planning to move the ATWOOD SOUTHERN CROSS to Israel to commence a four to five month drilling program following completion of its commitments in Egypt with dayrates of $69,000 for the firm wells and $74,000 for an option well. The Company continues to monitor the ongoing situation in Israel, in particular, and the Middle East, in general for any furute developments which could negatively affect future operations. The current consensus estimate of diluted earnings per share for the Company's fiscal 2002 second quarter is $.48. With the additional expense to be incurred in the quarter relating to the current ongoing work on the Richmond, the Company feels more comfortable with an estimated diluted earnings per share of $.45 for the quarter ending March 31, 2002. Additional information with respect to the Company's contract status summary at March 14, 2002 is attached hereto as Exhibit 99.1 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: March 14, 2002 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Contract Status Summary at March 14, 2002 EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT MARCH 14, 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 in April 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. ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig commenced in December 2001 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 in April 2002). An approximate $90 million upgrade of the rig is planned immediately upon the rig completing its current contractual commitment. The upgrade should take approximately six months shipyard time to complete. Contract opportunities to commence following the rig's upgrade are being pursued internationally. AGIP has an option to drill one additional well at a future date. SEAHAWK MALAYSIA EXXONMOBIL The rig's current contract terminates in November EXPLORATION & 2003, with an option for the Operator to extend. PRODUCTION MALAYSIA INC. ATWOOD SOUTHERN CROSS MEDITERRANEAN GERMAN OIL & GAS EGYPT The rig has contractual commitments in Egypt and SEA 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-THAILAND CARIGALI - TRITON The rig commenced in October 2001 a drilling program expected JOINT DEVELOPMENT OPERATING COMPANY to include 31 wells (estimated to take around 540 AREA ("CTOC") days). 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 The drilling unit is at a dockside location GULF OF MEXICO undergoing some general maintenance, painting and inspections which could take until the end of April 2002 to complete. Contract opportunities for the rig 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 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.