-----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, SUQPnIZcH0Kw5H5yRJBaEP1YI2Ggj9kooawMDTD2H1DfwzCodLteAUWj70lCT82f T9I3Yfy6s/vVFazfji4QqA== 0000008411-02-000062.txt : 20021118 0000008411-02-000062.hdr.sgml : 20021118 20021118121649 ACCESSION NUMBER: 0000008411-02-000062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20021118 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20021118 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: 02830972 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 f8k111802.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 18, 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 NOVEMBER 18, 2002 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2002 AND 2001 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2002 EXHIBIT 99.4 CONSOLIDATED CONDENSED BALANCE SHEETS AT SEPTEMBER 30, 2002 AND 2001 EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT NOVEMBER 18, 2002 ITEM 9. REGULATION FD DISCLOSURE ON NOVEMBER 18, 2002, THE COMPANY ANNOUNCED ITS EARNINGS FOR THE FISCAL YEAR AND FOURTH QUARTER ENDED SEPTEMBER 30, 2002. 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. THE RICHMOND HAS BEEN AWARDED A CONTRACT BY BURLINGTON RESOURCES OIL & GAS COMPANY TO DRILL ONE WELL IMMEDIATELY UPON COMPLETION OF THE RIG'S CURRENT CONTRACT (ESTIMATED LATED NOVEMBER/EARLY DECEMBER 2002, WHICH SHOULD KEEP THE RIG EMPLOYED INTO JANUARY 2003. THE DAYRATE FOR THE NEW CONTRACT IS $24,000. CONTRACT OPPORTUNITIES TO COMMENCE FOLLOWING COMPLETION OF THE RIG'S CURRENT CONTRACTS ARE CONTINUING TO BE PURSUED IN THE U.S. GULF OF MEXICO. ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY'S CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2002 AND 2001, AN ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2002, CONSOLIDATED CONDENSED BALANCE SHEETS AT SEPTEMBER 30, 2002 AND 2001 AND CONTRACT STATUS SUMMARY AT NOVEMBER 18, 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 upgrades to the Company's rigs; competition; operating risks; risks involved in foreign operations, risks associated with possible disruptions in operations due to terrorism; 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, 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: 18 November 2002 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated November 18, 2002 99.2 Consolidated Statements of Operations for the three months and year ended September 30, 2002 and 2001 99.3 Analysis of Contract Revenues and Drilling Costs for the three months and year ended September 30, 2002 99.4 Consolidated Condensed Balance Sheets at September 30, 2002 and 2001 99.5 Contract Status Summary at November 18, 2002 EXHIBIT 99.1 ATWOOD OCEANICS, INC., Houston-based International Drilling Contractor, announced today that the Company and its subsidiaries reported net income of USD 28,285,000, or USD 2.02 per diluted share, on contract revenues of USD 149,157,000, for the fiscal year ended September 30, 2002, compared to net income of USD 27,346,000, or USD 1.96 per diluted share, on contract revenues of USD 147,541,000, for the fiscal year ended September 30, 2001. For the fourth quarter ended September 30, 2002, the Company recorded a net income of USD 7,165,000 or USD .51 per diluted share, on contract revenues of USD 30,781,000 compared to a net income of USD 7,791,000 or USD .56 per diluted share, on contract revenues of USD 35,694,000 for the fourth quarter of fiscal 2001. Net income for the year and fourth quarter was enhanced by $2.3 million or $.16 per diluted share from a foreign income tax credit benefit generated in the quarter ended September 30, 2002. Compared figures are as follows: FOR THE YEAR ENDED SEPTEMBER 30: 2002 2001 --------------------------------- ---- ---- CONTRACT REVENUES USD 149,157,000 USD 147,541,000 INCOME BEFORE INCOME TAXES 38,777,000 41,121,000 NET INCOME 28,285,000 27,346,000 EARNINGS PER COMMON SHARE - BASIC 2.04 1.98 DILUTED 2.02 1.96 AVERAGE COMMON SHARES OUTSTANDING - BASIC 13,839,000 13,828,000 DILUTED 13,994,000 13,978,000 FOR THE QUARTER ENDED SEPTEMBER 30: 2002 2001 ----------------------------------- ---- ---- CONTRACT REVENUES USD 30,781,000 USD 35,694,000 INCOME BEFORE INCOME TAXES 6,501,000 10,379,000 NET INCOME 7,165,000 7,791,000 EARNINGS PER COMMON SHARE - BASIC .52 .56 DILUTED .51 .56 WEIGHTED COMMON SHARES OUTSTANDING - BASIC 13,845,000 13,832,000 DILUTED 13,928,000 13,912,000 EX-99 3 exh99_2.txt EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
Three Months Ended Year Ended September 30, September 30, 2002 2001 2002 2001 (Unaudited) (Unaudited) REVENUES Contract drilling ............................ $ 30,781 $ 35,694 $ 149,157 $ 147,541 COSTS AND EXPENSES Contract drilling ............................ 16,176 16,826 75,088 70,014 Depreciation ................................. 5,381 5,976 23,882 25,579 General and administrative ................... 2,580 2,229 10,080 9,250 24,137 25,031 109,050 104,843 OPERATING INCOME ................................. 6,644 10,663 40,107 42,698 OTHER INCOME (EXPENSE) Interest expense ............................. (271) (416) (1,658) (2,939) Investment income ............................ 128 132 328 1,362 (143) (284) (1,330) (1,577) INCOME BEFORE INCOME TAXES ....................... 6,501 10,379 38,777 41,121 PROVISION FOR INCOME TAXES (Note 1)............... (664) 2,588 10,492 13,775 NET INCOME ....................................... $ 7,165 $ 7,791 $ 28,285 $ 27,346 EARNINGS PER COMMON SHARE Basic ....................................... $ 0.52 $ 0.56 $ 2.04 $ 1.98 Diluted ..................................... $ 0.51 $ 0.56 $ 2.02 $ 1.96 AVERAGE COMMON SHARES OUTSTANDING Basic ....................................... 13,845 13,832 13,839 13,828 Diluted ..................................... 13,928 13,912 13,994 13,978
Note (1) Net income for the fourth quarter and year was enhanced by $2.3 million or $.16 per diluted share from a foreign income tax credit benefit generated in the quarter ended September 30, 2002. EX-99 4 exh99_3.txt EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT DRILLING REVENUES AND DRILLING COSTS (Unaudited) FOR THE QUARTER ENDED SEPTEMBER 30, 2002 CONTRACT CONTRACT DRILLING DRILLING REVENUES COSTS (In Millions) ATWOOD HUNTER $ 8.3 $ 4.4 ATWOOD FALCON 6.9 2.3 SEAHAWK 5.7 3.0 VICKSBURG 5.5 2.6 ATWOOD SOUTHERN CROSS 2.1 3.3 RICHMOND 1.8 1.8 OTHER 0.5 (1.2) ATWOOD EAGLE 0.0 0.0 $ 30.8 $ 16.2 FOR THE YEAR ENDED SEPTEMBER 30, 2002 CONTRACT CONTRACT DRILLING DRILLING REVENUES COSTS (In Millions) ATWOOD FALCON $ 33.5 $ 10.2 ATWOOD HUNTER 27.4 13.4 VICKSBURG 22.5 9.5 SEAHAWK 22.3 9.2 ATWOOD SOUTHERN CROSS 19.3 11.1 ATWOOD EAGLE 15.2 9.0 RICHMOND 7.1 9.3 OTHER 1.9 3.4 $ 149.2 $ 75.1 EX-99 5 exh99_4.txt EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (In Thousands) SEPTEMBER 30, 2002 2001 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 27,055 $ 12,621 Other current assets 44,716 33,100 Total Current Assets 71,771 45,721 NET PROPERTY AND EQUIPMENT 368,397 306,254 DEFERRED COSTS AND OTHER ASSETS 4,318 1,903 $444,486 $353,878 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES $24,417 $ 20,664 LONG-TERM NOTES PAYABLE 115,000 60,000 DEFERRED CREDITS 28,967 25,578 SHAREHOLDERS' EQUITY 2756,102 247,636 $444,486 $353,878 EX-99 6 exh99_5.txt EXHIBIT 99.1
EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT NOVEMBER 18, 2002 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS SEMISUBMERSIBLES - ATWOOD FALCON MALAYSIA WOODSIDE ENERGY LTD. The rig has completed its work for Shell in Malaysia and has commenced its mobilization to Australia (expected to take three weeks) to commence its two wells plus three option wells contract for Woodside Energy Ltd. ATWOOD HUNTER EGYPT BURULLUS GAS COMPANY The rig's current contract with Burullus has been ("BURULLUS") extended by two additional wells. The rig has also been awarded a one-well contract by German Oil & Gas Egypt. It should take approximately 100 days to complete the drilling of the three wells. ATWOOD EAGLE SHIPYARD IN GREECE The rig is continuing with its approximate $90 million water-depth upgrade and refurbishment, which should be completed in November/December 2002. Contract opportunities to commence following the rig's upgrade are being pursued internationally. SEAHAWK MALAYSIA EXXONMOBIL The rig's current contract terminates in December EXPLORATION & 2003, with an option for the Operator to extend. PRODUCTION MALAYSIA INC. ATWOOD SOUTHERN MEDITER-RANEAN SEA ENI S.P.A. - AGIP The rig is in Italy completing certain upgrades to CROSS DIVISION ("AGIP" ) meet Italian requirements before it can commence its contract for AGIP. The rig is expected to commence the AGIP contract sometime during November 2002, with the work expected to take three to five months to complete. 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 EXXONMOBIL In early October 2002, the rig commenced a two-year EXPLORATION AND drilling program (with an option by EMEPMI for one PRODUCTION MALAYSIA additional year), with EMEPMI having the right to INC. ("EMEPMI") terminate the drilling program after one year at any time with a 120 days notice period. 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 APPLIED DRILLING The rig is currently drilling one well for Applied GULF OF MEXICO TECHNOLOGY INC. Drilling Technology Inc., which is expected to be completed in late November/early December 2002. Immediately upon completion of its current contract, the rig will drill one well for Burlington Resources Oil & Gas Company. Contract opportunities to commence following completion of the rig's current contracts are being pursued in the U.S. Gulf of Mexico. MODULAR PLATFORMS - 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 managed by the Company. The Company is involved in maintenance of the two rigs for future drilling programs.
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