8-K 1 f8kjuly162003.txt FORM 8-K JULY 16, 2003 ================================================================================ 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: July 16, 2003 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 N/A (Former name or former address, if changed since last report.) ================================================================================ ITEM 7. EXHIBITS EXHIBIT 99.1 CONTRACT STATUS SUMMARY AT JULY 16, 2003 ITEM 9. REGULATION FD DISCLOSURE ExxonMobil Exploration and Production Malaysia Inc. ("ExxonMobil") has exercised an option to extend the contract for the SEAHAWK for one year commencing December 18, 2003. For the one year extension, the operating dayrate will be fixed at $50,000. ExxonMobil has the right to terminate the contract after the completion of the first six months of the extension period with one hundred twenty (120) days written notice. The ATWOOD HUNTER has completed its contract in Israel and is being moved to Egypt where it will be stacked while waiting for its next contract opportunity. The ATWOOD SOUTHERN CROSS is expected to complete it contract in Italy prior to the end of July 2003, at which time it will be moved to Egypt for stacking while waiting for its next contract opportunity. Contract opportunities for both drilling units are being pursued in the Mediterranean Area, as well as in other areas of the world. The worldwide offshore demand for drilling units continues to be impacted by political uncertainties and soft market conditions. With the ATWOOD HUNTER and ATWOOD SOUTHERN CROSS expected to incur significant idle time during the fourth quarter of fiscal 2003, the Company anticipates a net loss of $4 to $6 million for the quarter ended September 30, 2003. The current near-term outlook has not weakened the Company's optimism about the longer-term outlook and fundamentals of the offshore drilling market. Additional information with respect to the Company's Contract Status Summary July 16, 2003 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 the construction of a rig; competition; operating risks; risks involved in foreign operations; risks associated with possible disruption in operations due to terrorism; risks associated with a possible disruption in operations due to war; 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, 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: July 16, 2003 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Contract Status Summary at July 16, 2003 EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT July 16, 2003 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS =========== ======== ======== ================ SEMISUBMERSIBLES - ================== ATWOOD FALCON MOBILIZATION TO MURPHY SABAH OIL CO. AND The rig is being mobilized to Malaysia to MALAYSIA SARAWAK SHELL drill one well for Murphy Sabah Oil Co and one well for Sarawak Shell. The drilling of these wells should commence around the third week of July, 2003 and should take between 100 and 140 days to complete. Murphy has an option to drill one additional well at a later date. Following completion of its work in Malaysia, the rig will be moved to Japan to drill two wells estimated to take 100 to 120 days to complete. ATWOOD HUNTER MOVING TO EGYPT The rig is being relocated to Egypt where it will be stacked while waiting for its next contract opportunity. There are short-term contract opportunities for the rig commencing in early September 2003. Longer-term contract opportunities for additional work are being pursued in the Mediterranean area, as well as areas outside of the Mediterranean. ATWOOD EAGLE ANGOLA ESSO EXPLORATION ANGOLA The rig is drilling the second well of a firm (BLOCK 15) LIMITED three well contract with ESSO off the coast ("ESSO") of Angola. ESSO has options for four additional wells. If no option wells are drilled, the contract could terminate around early August 2003. Contract opportunities for additional work in Angola and elsewhere in West Africa are being pursued. SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in PRODUCTION MALAYSIA December 2004, with an option for the INC. ("EMEPMI") Operator to extend. EMEPMI has the right to terminate the contract after the completion of the first six months of the extension period (which commences in December 2003) with 120 days written notice. ATWOOD SOUTHERN CROSS MEDITERRANEAN EDISON GAS S.p.A. The rig is contracted to EDISON to work on SEA ("EDISON") three plug and abandonment wells which is expected to be completed prior to the end of July 2003. Contract opportunities for additional work are being pursued in the Mediterranean area, as well as areas outside of the Mediterranean. 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 October 2002, the rig commenced a two-year PRODUCTION MALAYSIA INC. drilling program (with an option by EMEPMI for one additional year), with EMEPMI having the right to terminate the drilling program after one year with at least 120 days notice period. ATWOOD BEACON SINGAPORE The final commissioning of the ATWOOD BEACON continues on schedule. The shipyard portion of the construction was completed in May 2003, with equipment commissioning and testing currently being carried out. Following completion of equipment commissioning and testing estimated to be around August 1, 2003, the rig will be moved to Malaysia to drill three wells plus options for five additional wells for Murphy Sarawak Oil Co., Ltd. The three firm wells are expected to be completed in October 2003. Contract opportunities for additional work following completion of the Murphy contract are being pursued. SUBMERSIBLE - ============== RICHMOND UNITED STATES SPINNAKER EXPLORATION The rig is currently working under a GULF OF MEXICO COMPANY, L.L.C. one-well, plus options for two additional wells contract for Spinnaker Exploration Company, L.L.C. The one firm well is expected to be completed in early August 2003. 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.