8-K 1 f8kapril2003.txt ================================================================================ UNITED STATES 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: April 1, 2003 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 TEXAS 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 N/A (Former name or former address, if changed since last report.) ================================================================================ ITEM 5. OTHER EVENTS On April 1, 2003 the Company announced that it executed a $225,000,000 Senior Secured Credit Facility with a Bank Group to refinance existing indebtedness of approximately $175,000,000 and to provide for on-going working capital and general corporate needs. A copy of the press release announcing the new Credit Facilities 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 APRIL 1, 2003 EXHIBIT 99.2 CONTRACT STATUS SUMMARY AT APRIL 1, 2003 ITEM 9. REGULATION FD DISCLOSURE The ATWOOD HUNTER is currently drilling a one well for Apache Egypt Companies, which is expected to be completed in April 2003. Burullus Gas Company has issued a Letter of Award to use the ATWOOD HUNTER to drill one well off the coast of Egypt immediately following the completion of the Apache work. This well is expected to take 45 to 60 days to complete and has a dayrate of $37,000. The ATWOOD FALCON is drilling its fifth well of an eight well contract with Woodside on assignment to BHP Billiton. The dayrate of $108,000 will apply to the final three wells. Additional information with respect to the Company's Contract Status Summary at April 1, 2003 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, 2002, 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: April 1, 2003 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated April 1, 2003 99.2 Contract Status Summary at April 1, 2003 EXHIBIT 99.1 Houston, Texas 1 April 2003 FOR IMMEDIATE RELEASE: Atwood Oceanics, Inc. (Houston based International Drilling Contractor, NYSE: "ATW"), announced today that it has executed a $225,000,000 Senior Secured Credit Facility with several banks with Nordea Bank Finland, PLC as Lead Arranger, to refinance all of its existing indebtedness of approximately $175,000,000 and to provide for on-going working capital and general corporate needs. The Credit Facility consists of a $150,000,000 Term Loan Facility and a $75,000,000 Revolving Loan Facility. The Term Loan Facility is structured as a five-year term loan and will amortize through 18 consecutive quarterly installments commencing on December 31, 2003. The Revolving Loan Facility matures in March 2008. Loans under the Facilities will bear interest at varying rates ranging from 1.5% to 2.5% over LIBOR, depending upon the ratio of outstanding debt to earnings before interest, taxes and depreciation. Contact: Jim Holland (281) 749-7804 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT APRIL 1, 2003 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS =========== ======== ======== ================ SEMISUBMERSIBLES - ================== ATWOOD FALCON AUSTRALIA BHP BILLITON ("BHP") on The rig is drilling its fifth well of an assignment from eight well contract with Woodside on WOODSIDE ENERGY LTD. assignment to BHP. The contract is estimated ("WOODSIDE") to be complete in June 2003. ATWOOD HUNTER EGYPT APACHE MEDITERRANEAN The rig is currently drilling a well for CORPORATION LDC Apache which is expected to be completed in ("APACHE") April 2003. Burullus Gas Copmany has issued a letter of award to use the rig to drill one well off the coast of Egypt following the completion of the Apache work. Contract opportunities for additional work following completion of the Burullus well are being pursued in the Mediterranean Area. ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The Company has executed a contract with ESSO (BLOCK 15) LIMITED for the use of the rig to drill three firm ("ESSO") wells, plus options for four additional wells, off the coast of Angola. The rig arrived Angola on February 18, 2003 and commenced drilling operations in early March 2003. The drilling program could extend 6 to 12 months depending on the length of wells and number of options exercised. SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in PRODUCTION MALAYSIA INC. December 2003, with an option for the Operator to extend. ATWOOD SOUTHERN CROSS MEDITERRANEAN SEA ENI S.P.A. - AGIP The rig is drilling the last well under its DIVISION ("AGIP") contract with AGIP, which is expected to be completed in late April/early May 2003. Contract opportunities for additional work following completion of the AGIP wells are being pursued in the Mediterranean Area. SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 GULF OF MEXICO for future conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. The rig is currently coldstacked. CANTILEVER JACK-UPS - ===================== VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION In early October 2002, the rig commenced a AND PRODUCTION MALAYSIA two-year drilling program (with an option by INC. ("EMEPMI") EMEPMI for one additional year), with EMEPMI having the right to terminate the drilling program after one year at any time with a 120 days notice period. ATWOOD BEACON The Company expects the construction of this UNDER ultra-premium jack-up drilling unit to be CONSTRUCTION completed by May/June 2003. SUBMERSIBLE - ============= RICHMOND UNITED STATES BURLINGTON RESOURCES OIL The rig is currently drilling one well for GULF OF MEXICO & GAS COMPANY Burlington, with an estimated completion date ("BURLINGTON") in April 2003. Immediately upon completion of its current contract, the rig will commence a two-firm wells, plus four-option wells contract for Ocean Energy, Inc. The two firm wells have an estimated duration of 60 to 90 days. The contract contains a 30-day early termination provision. MODULAR PLATFORMS - =================== GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned RANKIN 'A' break in 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.