-----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, GwkFQVO/t6XJnTxVQg8txfsD5GJXxlIsY121WpE7ni14IITQG6q5zuIIi5U4bcb7 ujwMKJbudrHNA9XPjvAyIw== 0000008411-03-000037.txt : 20030729 0000008411-03-000037.hdr.sgml : 20030729 20030729113109 ACCESSION NUMBER: 0000008411-03-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030729 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030729 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: 03807585 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 f8kjuly2903.txt FORM 8-K JULY 29, 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 29, 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 PRESS RELEASE DATED JULY 29, 2003 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 2003 AND 2002 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 2003 EXHIBIT 99.4 CONSOLIDATED BALANCE SHEETS AT JUNE 30, 2003 AND SEPTEMBER 30, 2002 EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT JULY 29, 2003 ITEM 9. REGULATION FD DISCLOSURE On July 29, 2003, the Company announced its earnings for the Fiscal Year 2003 Third Quarter ended June 30, 2003. 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. 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 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 a war with Iraq; 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: July 29, 2003 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated July 29, 2003 99.2 Consolidated Statements of Operations for the Three Months and Nine Months ended June 30, 2003 and 2002 99.3 Analysis of Contract Revenues and Drilling Costs for the Three Months and Nine Months ended June 30, 2003 99.4 Consolidated Balance Sheets at June 30, 2003 and September 30, 2002 99.5 Contract Status Summary at July 29, 2003 EXHIBIT 99.1 Houston, Texas 29 July 2003 FOR IMMEDIATE RELEASE Atwood Oceanics, Inc., Houston-based International Drilling Contractor, announced today that the Company reported a net loss of $82,000 or $.01 per diluted share, on contract revenues of $41,847,000 for the quarter ended June 30, 2003, compared to net income of $6,132,000 or $.44 per diluted share on contract revenues of $37,402,000 for the quarter ended June 30, 2002. For the nine months ended June 30, 2003, the Company earned net income of $1,455,000 or $.10 per diluted share, on contract revenues of $106,761,000 compared to net income of $21,120,000 or $1.51 per diluted share, on contract revenues of $118,376,000 for the nine months ended June 30, 2002. FOR THE THREE MONTHS ENDED JUNE 30, 2003 2002 -------- -------- Contract Revenues $ 41,847,000 $37,402,000 =========== =========== Income before Income Taxes 2,207,000 9,174,000 Provision for Income Taxes (2,289,000) (3,042,000) ----------- ----------- Net Income (82,000) 6,132,000 =========== =========== Earnings per Common Share - Basic (.01) .44 Diluted (.01) .44 Weighted Average Shares Outstanding - Basic 13,847,000 13,843,000 Diluted 13,902,000 14,048,000 FOR THE NINE MONTHS ENDED JUNE 30, 2003 2002 ------ ------ Contract Revenues $106,761,000 $118,376,000 ============ ============ Income before Income Taxes 6,009,000 32,276,000 Provision for Income Taxes (4,554,000) (11,156,000) ------------ ------------ Net Income 1,455,000 21,120,000 ============ ============ Earnings per Common Share - Basic .11 1.53 Diluted .10 1.51 Weighted Average Shares Outstanding - Basic 13,846,000 13,839,000 Diluted 13,903,000 13,984,000 - - Contact: Jim Holland (281) 749-7804 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended Nine Months Ended June 30, June 30, --------------------------- --------------------------- 2003 2002 2003 2002 ---------- -------- -------- ------- (Unaudited) (Unaudited) REVENUES: Contract drilling $ 41,847 $ 37,402 $106,761 $118,376 --------- -------- -------- -------- COSTS AND EXPENSES: Contract drilling 27,635 19,493 71,094 58,912 Depreciation 6,783 5,958 18,025 18,501 General and administrative 3,023 2,336 8,822 7,500 -------- -------- -------- -------- 37,441 27,787 97,941 84,913 -------- -------- -------- -------- OPERATING INCOME 4,406 9,615 8,820 33,463 --------- -------- -------- -------- OTHER INCOME (EXPENSE) Interest expense (2,239) (501) (2,950) (1,387) Interest income 40 60 139 200 -------- -------- ------- -------- (2,199) (441) (2,811) (1,187) -------- -------- ------- -------- INCOME BEFORE INCOME TAXES 2,207 9,174 6,009 32,276 PROVISION FOR INCOME TAXES 2,289 3,042 4,554 11,156 -------- -------- ------- ------- NET INCOME $ (82) $ 6,132 $ 1,455 $ 21,120 ======== ======== ======== ======== EARNINGS PER SHARE Basic $ (.01) $ .44 $ .11 $1.53 Diluted $ (.01) $ .44 $ .10 $1.51 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Basic 13,847 13,843 13,846 13,839 Diluted 13,902 14,048 13,903 13,984
EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS (Unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 2003 CONTRACT CONTRACT DRILLING DRILLING REVENUES COSTS -------- -------- (In Millions) ATWOOD FALCON $ 9.6 $ 5.8 ATWOOD EAGLE 7.7 6.8 VICKSBURG 6.3 2.2 SEAHAWK 5.9 2.2 ATWOOD SOUTHERN CROSS 4.9 3.9 ATWOOD HUNTER 4.8 3.3 RICHMOND 2.2 2.2 OTHER 0.4 1.2 ----- ---- $41.8 $27.6 ===== ===== FOR THE NINE MONTHS ENDED JUNE 30, 2003 CONTRACT CONTRACT DRILLING DRILLING REVENUES COSTS -------- -------- (In Millions) ATWOOD FALCON $25.4 $15.5 VICKSBURG 18.6 7.0 SEAHAWK 16.9 7.6 ATWOOD HUNTER 14.8 10.1 ATWOOD SOUTHERN CROSS 12.8 11.9 ATWOOD EAGLE 10.6 8.9 RICHMOND 6.3 6.3 OTHER 1.4 3.8 ------ ----- $106.8 $71.1 ====== ===== EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) JUN. 30, 2003 SEP. 30, 2002 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $12,950 $27,055 Accounts receivable 33,260 28,776 Inventories of materials and supplies at lower of average cost or market 11,757 9,134 Deferred tax assets 223 223 Prepaid expenses 1,757 6,625 -------- -------- Total Current Assets 59,947 71,813 -------- -------- PROPERTY AND EQUIPMENT: Drilling vessels, equipment and drill pipe 658,055 583,241 Other 9,226 9,156 -------- -------- 667,281 592,397 Less-accumulated depreciation 230,669 224,000 -------- -------- Net Property and Equipment 436,612 368,397 -------- -------- DEFERRED COSTS AND OTHER ASSETS 10,702 4,320 -------- -------- $507,261 $444,530 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of notes payable $18,121 $5,023 Accounts payable 3,752 5,584 Accrued liabilities 8,801 13,809 ------- -------- Total Current Liabilities 30,674 24,416 ------- -------- LONG-TERM NOTES PAYABLE, net of current maturities: 172,000 115,000 ------- -------- 172,000 115,000 ------- -------- OTHER LIABILITIES Deferred tax liabilities 16,420 15,545 Deferred credits 10,569 13,436 ------- -------- 26,989 28,981 ------- -------- SHAREHOLDERS' EQUITY: Preferred stock, no par value; 1,000,000 shares authorized, none outstanding 0 0 Common stock, $1 par value, 20,000,000 shares authorized with 13,847,000 and 13,845,000 issued and outstanding as of June 30, 2003 and September 30, 2002, respectively 13,847 13,845 Paid-in capital 57,282 57,274 Retained earnings 206,469 205,014 ------- -------- Total Shareholders' Equity 277,598 276,133 ------- -------- $507,261 $444,530 ======== ========
EXHIBIT 99.5 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT JULY 29, 2003 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - ----------- -------- -------- --------------- SEMISUBMERSIBLES - - ------------------- ATWOOD FALCON MALAYSIA MURPHY SABAH OIL CO. AND The rig has commenced a drilling program in SARAWAK SHELL Malaysia to drill one well for Murphy Sabah Oil Co and one well for Sarawak Shell. The drilling of these wells 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 EGYPT The rig is currently stacked in Egypt while waiting for its next contract opportunity. There are short-term contract opportunities for the rig commencing in early September and October 2003. Future 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 preparing to commence the drilling (BLOCK 15) LIMITED of the third well of a firm three well ("ESSO") contract with ESSO off the coast of Angola. ESSO has options for four additional wells. If no option wells are drilled, the contract could terminate around the end of August or early September 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 in early August 2003. The rig currently has no commitments following the completion of the EDISON contract. The rig is expected to be stacked in Egypt while waiting for its next contract opportunity. Contract opportunities for future 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 and loading of client and third-party equipment, the rig will be moved to Malaysia around August 1, 2003 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 early 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 around the second or third week of 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.
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