-----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, Mu7nEUQpsR9GDZG8mftcqp6hF/Cd41pApeQExPI6tEdqWcXE4sQ1bFbFfBjnWZrm 5kDQwPNwde4vQB7acUHKDA== 0000008411-06-000014.txt : 20060130 0000008411-06-000014.hdr.sgml : 20060130 20060130105726 ACCESSION NUMBER: 0000008411-06-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060130 DATE AS OF CHANGE: 20060130 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: 06560427 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 f8k1stqtrfy2006.txt =============================================================================== 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: January 30, 2006 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 Internal Revenue Service - Employer Identification No. 74-1611874 15835 Park Ten Place Drive, Houston, Texas, 77084 (281) 749-7800 ____________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) =============================================================================== -1- ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 30, 2006, the Company announced its earnings for the Fiscal Year 2006 First Quarter ended December 31, 2005. 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. Additional information with respect to the Company's consolidated statements of operations for the three months ended December 31, 2005 and 2004 and an analysis of revenues and contract drilling costs for the three months ended December 31, 2005 are attached hereto as Exhibits 99.2 and 99.3, respectively, which are being furnished; however, should not be deemed to be filed under Section 18 of the Exchange Act. ITEM 7.01 REGULATION FD DISCLOSURE Additional information with respect to the Company's Contract Status Summary at January 30, 2006 is attached hereto as Exhibit 99.5. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 18 of the Exchange Act. 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 including; 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's annual report on Form 10-K for the year ended September 30, 2005, filed with the Securities and Exchange Commission. ITEM 9.01 EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED JANUARY 30, 2006 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 AND 2004 EXHIBIT 99.3 ANALYSIS OF REVENUES AND CONTRACT DRILLING COSTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 EXHIBIT 99.4 CONTRACT STATUS SUMMARY AT JANUARY 30, 2006 -2- 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: January 30, 2006 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated January 30, 2006 99.2 Consolidated Statements of Operations for the Three Months ended December 31, 2005 and 2004 99.3 Analysis of Revenues and Drilling Costs for the Three Months ended December 31, 2005 99.4 Contract Status Summary at January 30, 2006 -4- EXHIBIT 99.1 Houston, Texas 30 January 2006 FOR IMMEDIATE RELEASE ATWOOD OCEANICS, INC., Houston-based International Drilling Contractor, announced today that the Company earned net income of $14,893,000 or $.94 per diluted share, on revenues of $55,414,000 for the quarter ended December 31, 2005, compared to net income of $8,650,000 or $.56 per diluted share, on revenues of $45,426,000 for the quarter ended December 31, 2004. Earnings for the first quarter of fiscal year 2006 were enhanced by $9.3 million of gains on sales of equipment ($.51 per diluted share). FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 2004 ------------- ---------------- Revenues $ 55,414,000 $ 45,426,000 Income before Income Taxes 17,027,000 8,143,000 (Provision) Benefit for Income Taxes (2,134,000) 507,000 Net Income 14,893,000 8,650,000 Earnings per Common Share - Basic 0.97 0.57 Diluted 0.94 0.56 Weighted Average Shares Outstanding - Basic 15,369,000 15,079,000 Diluted 15,779,000 15,422,000 Contact: Jim Holland (281) 749-7804 -5- EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended December 31, -------------------------- 2005 2004 (Unaudited) REVENUES: Contract drilling $ 55,414 $ 38,986 Business interruption proceeds - 6,440 -------- -------- 55,414 45,426 -------- -------- COSTS AND EXPENSES: Contract drilling 33,770 25,203 Depreciation 6,390 6,526 General and administrative 5,993 3,571 Gain on sale of equipment (9,275) - -------- -------- 36,878 35,300 -------- -------- OPERATING INCOME 18,536 10,126 -------- -------- OTHER INCOME (EXPENSE) Interest expense (1,740) (2,018) Interest income 231 35 -------- -------- (1,509) (1,983) -------- -------- INCOME BEFORE INCOME TAXES 17,027 8,143 PROVISION (BENEFIT) FOR INCOME TAXES 2,134 (507) -------- -------- NET INCOME $14,893 $8,650 ======== ======== EARNINGS PER COMMON SHARE: Basic $0.97 $0.57 Diluted 0.94 0.56 AVERAGE COMMON SHARES OUTSTANDING: Basic 15,369 15,079 Diluted 15,779 15,422 -6- EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF REVENUES AND DRILLING COSTS (Unaudited) FOR THE THREE MONTHS ENDED DECEMBER 31, 2005 DRILLING REVENUES COSTS -------- --------- (In Millions) ATWOOD HUNTER $ 10.3 $ 3.7 ATWOOD EAGLE 8.0 6.0 ATWOOD FALCON 6.8 3.8 VICKSBURG 6.7 3.5 ATWOOD SOUTHERN CROSS 6.0 5.5 ATWOOD BEACON 5.9 2.4 SEAHAWK 4.6 2.4 RICHMOND 3.9 2.4 OTHER 3.2 4.1 ----- ----- 55.4 33.8 ===== ===== -7- EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT JANUARY 30, 2006 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - -------------- -------- -------- --------------- SEMISUBMERSIBLES - - ------------------ ATWOOD FALCON MALAYSIA SARAWAK SHELL ("SHELL") The rig is currently working under a 3 1/2 year commitment with Shell. Commencing in July/August 2006, the rig is scheduled to undergo a $30 million upgrade of which $24 million will be funded by Shell. ATWOOD HUNTER EGYPT BURULLUS GAS CO. The rig is currently working under a contract with ("BURULLUS") Burullus which is expected to be completed in March /April 2006. Upon completion of the current drilling program, the rig will commence working under a two year contract for Woodside. ATWOOD EAGLE AUSTRALIA WOODSIDE ENERGY, LTD. The rig continues to work under a drilling program for ("WOODSIDE") Woodside. Besides the Woodside drilling program, the rig has two commitments from BHP. The first BHP drilling program includes one (1) firm well with an option to drill one (1) additional well. The rig has been awarded a second contract by BHP to drill eight (8) firm wells with options for four (4) additional wells off the Northwest coast of Australia. Following the BHP work, the rig will drill one well for ENI then commence a new one-year contract for Woodside. All of the above commitments should keep the rig employed through fiscal year 2008. SEAHAWK MALAYSIA SARAWAK SHELL BERHAD / The rig is currently working offshore Malaysia for SABAH SHELL PETROLEUM Shell under a contract that should be completed in COMPANY LIMITED ("SHELL") February 2006. Following the Shell contract, the rig will be off dayrate for approximately five (5) months while being upgraded and relocated to West Africa to commence a contract for Hess. The Hess contract is for a firm period of 730 days with four options of 180 days each. ATWOOD SOUTHERN CROSS ITALY ENI SPA AGIP EXPLORATION The rig is currently working for AGIP under a drilling & PRODUCTION DIVISION program that should be completed in March/April 2006. ("AGIP") Upon completion of the AGIP contract, the rig will be moved to the Black Sea to commence a drilling program for Melrose followed by a drilling program for Toreador. -8- CANTILEVER JACK-UPS - - --------------------- VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & The rig is currently drilling one-well for ExxonMobil PRODUCTION MALAYSIA INC. to be followed by one-well for Petronas Carigali which ("EXXONMOBIL") - are farm-outs from Petrofac. Following the drilling (Farm-out from PETROFAC) of these two wells, the rig will commence a four (4) firm plus three (3) options wells contract for Petrofac which is estimated to take until the first quarter of fiscal year 2007 to complete. Immediately upon completion of the Petrofac contract, the rig will be moved Cambodia to work under an eight month drilling program for Chevron. ATWOOD BEACON VIETNAM HOANG LONG AND HOAN VU The rig is currently working under a drilling program JOINT OPERATING COMPANIES for Hoang Long. This drilling program is expected ("HOANG LONG") take until October 2006 to complete. Immediately upon completion of its current contract, the rig will be moved to India to commence a 25-month contract for GSPC SUBMERSIBLE - - ------------- RICHMOND UNITED STATES HELIS OIL & GAS COMPANY The rig is currently working under a drilling program GULF OF MEXICO ("HELIS") for Helis. This drilling program is expected to take until May/June 2007 to complete. MODULAR PLATFORMS - - -------------------- GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. The Company is currently assisting Woodside in RANKIN 'A' preparing the NORTH RANKIN 'A' for recommencing drilling activities in early 2006. The GOODWYN 'A' continues with an indefinite planned break in drilling activity, with the Company involved in rig maintenance
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