-----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, QyogAvrs1LVsM/Sl110S/COQHP6Zauu8mBlZTdF3QsYM4gcxeKpF664KtWzaO/7i 7TzKfxRQ9lWXUQ1zR9rO/A== 0000008411-06-000114.txt : 20060912 0000008411-06-000114.hdr.sgml : 20060912 20060912171300 ACCESSION NUMBER: 0000008411-06-000114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060912 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060912 DATE AS OF CHANGE: 20060912 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: 061087012 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 f8ksep122006.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: SEPTEMBER 12, 2006 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 TEXAS (State or other jurisdiction of incorporation or organization) 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 7.01 REGULATION FD DISCLOSURE The Company's Fleet Status Report at September 12, 2006 is attached hereto as Exhibit 99.1. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 18 of the Exchange Act. The Fleet Status Report has also been posted on the Company's website at www.atwd.com. All changes from the Company's last Fleet Status Report dated July 28, 2006 are highlighted in yellow on the Company's website. As noted in the attached Fleet Status Report, the ATWOOD HUNTER incurred nine (9) days of zero rate time in August 2006 relating to unexpected replacement of equipment, which reduced revenues by approximately $2.2 million. 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 FLEET STATUS REPORT SEPTEMBER 12, 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: September 12, 2006 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at September 12, 2006 -4- EX-99 2 exh991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF SEPTEMBER 12, 2006 As used herein, "we", "us", and "our" refers to Atwood Oceanics, Inc. and its subsidiaries, except where the context indicates otherwise. Statements contained in this Fleet Status Report, including information regarding our estimated rig availability, contract duration, future dayrates, future daily operating costs, future effective tax rates, customer or contract status 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: our dependence on the oil and gas industry; the risks involved in upgrade, repair and construction of our rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruptions in operations due to terrorism; risks associated with a possible disruption in operations due to the war with Iraq and governmental regulations and environmental matters. A list of additional risk factors can be found in our annual report on Form 10-K for the year ended September 30, 2005, filed with the Securities and Exchange Commission. All information in this Fleet Status Report is as of the date indicated above. We undertake no duty to update the content of this Fleet Status Report or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations. CHANGES WILL BE HIGHLIGHTED IN YELLOW - ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE PER DAY RATED ESTIMATED ESTIMATED OPERATING COSTS (NOT ADDITIONAL WATER CONTRACT CONTRACT INCLUDING TAX) FOR COMMENTS RIG NAME DEPTH LOCATION CUSTOMER END DATE DAYRATE THE THREE MONTHS ENDED JULY 31, 2006/MONTH OF JULY 31, 2006 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD Australia BHP BILLITON FIRM WORK - 8 wells at $158,000 $84,000/95,000 Wells are subject to a EAGLE PETROLEUM PTY (10 wells) 1 well at $168,000 (Operating costs were change in sequence and ("BHPB") August 2007 1 well at $150,000 high in July 2006 but are expected to dayrate is subject to average between some change due to $80,000 and $85,000 currency exchange rate for the quarter variance. ended September 30, 2006.) - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A Dayrate is subject to some (3 wells) change due to currency November 2007 exchange rate variance. (if all three option wells are drilled) -1- - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well to take EXPLORATION & (1 well) 40 to 45 days to complete. PRODUCTION December 2007 DIVISION (assuming that ("ENI") all of the above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $420,000 N/A Woodside has an option (1 year) (which expires October December 2008 2006) to extend the (assuming that all of drilling program from one the above option year to two or three wells are drilled and years. If either the two that Woodside does or three year option not extend their period is selected, the program to two or dayrate for the entire three years) selected period will be $405,000. If a one year period is selected, the dayrate will be $420,000. - ----------------------------------------------------------------------------------------------------------------------------------- Australia N/A N/A N/A N/A The rig could be off dayrates for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 (Mauritania) $60,000/70,000 Operating costs are HUNTER Libya May 2008 $245,000 (Libya) (Operating costs were expected to be $50,000 (The rig incurred nine higher than normal to $55,000 per day (9) days of zero rate for the three months while working in at the end of August and month ended July Mauritania/Libya; 2006 relating to 31, 2006 due to however, costs could unexpected replacement higher costs incurred be higher during any of equipment, which during the period relocation period. reduced revenues by that the rig was approximately $2.2 relocated from Egypt million). to Mauritania.) -2- - ----------------------------------------------------------------------------------------------------------------------------------- Mauritania N/A N/A N/A N/A The rig is expected to be off dayrate for ten to fourteen days during the first quarter of fiscal year 2007 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD In process Shipyard SARAWAK FIRM WORK - $90,000 $41,000/39,000 The rig is currently FALCON of being SHELL November 2006 (for up to 85 days) undergoing an estimated upgraded to BERHAD ("SHELL") $32 million upgrade with 5,000' Shell paying $24 million of the costs. - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $93,200 N/A The rig should drill two (2 wells) wells at $93,200 January 2007 following the upgrade. (The $24 million Shell reimbursement will be amortized as revenues over the remaining firm contract commitment following the upgrade (33 months) which will increase dayrate revenues by approximately $24,000.) - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $113,000 N/A July 10, 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $160,000/ N/A Most of the work during (2 years) $200,000 (dayrate this period is expected July 2009 depends on water depth to be at the $160,000 of each well) dayrate level. - ------------------------------------------------------------------------------------------------------------------------------------ Malaysia SHELL OPTION - TBD N/A (1 year) -3- - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 2,000' Italy ENI FIRM WORK - $70,000 $41,000/42,000 SOUTHERN September 2006 CROSS - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization TOREADOR FIRM WORK - $100,000 per N/A Operating costs are to Black Sea - TURKEY October/ day plus a expected to be around Bulgaria/ LIMITED November 2006 $300,000 fee $60,000 per day during Turkey ("TOREADOR") mobilization and $45,000 AND MELROSE to $50,000 while working RESOURCES ("MELROSE") in the Black Sea. - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TOREADOR FIRM WORK - $125,000 N/A TOREADOR might drill its (3 wells) last well after MELROSE February 2007 program is completed. If (Assumes all three so, the dayrate for the wells are last well will be consecutively $135,000 drilled.) - ------------------------------------------------------------------------------------------------------------------------------------ Bulgaria MELROSE FIRM WORK - $125,000 N/A (3 wells) May 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE OPTIONS - $125,000 N/A (2 wells) July 2007 (if both option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TURKIYE FIRM WORK - $290,000 N/A PETROLLERIA (3 wells) A.O.("TPAO") October 2007 (assuming above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO OPTIONS - $320,000 N/A If TPAO exercises their (3 wells) options, the well January 2008 sequence for TPAO option (assuming MELROSE wells and VANCO wells option wells drilled could change. and TPAO exercises options to drill all three option wells) - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO FIRM WORK - $305,000 N/A See above INTERNATIONAL (1 well) LTD. March 2008 ("VANCO") (assuming MELROSE and TPAO options are exercised) -4- - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO OPTIONS - $325,000 N/A See above (1 well) April 2008 (assuming MELROSE, TPAO and VANCO options are all exercised) - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' Vietnam HOANG FIRM WORK - $110,000 $28,000/30,000 BEACON LONG AND October 2006 HOAN VU JOINT OPERATING COMPANIES ("HOANG LONG") - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization GUJARAT FIRM WORK - $110,000 N/A to Singapore STATE October 2006 PETROLEUM (Mobilization is CORPORATION expected to take one LTD ("GSPC") week.) - ----------------------------------------------------------------------------------------------------------------------------------- Singapore N/A October 2006 $70,000 N/A Loss of hire insurance (The rig is expected coverage (includes to be in Singapore dayrate and cost of about two weeks to tow boat during the reattach its last leg Singapore period.) sections.) - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization GSPC FIRM WORK - $110,000 N/A to India November 2006 (Mobilization is expected to take 17 days.) -5- - -------------------- -------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $113,000 N/A (13 months) December 2007 - ------------------------------------------------------------------------------------------------------------------------------------ India GSPC FIRM WORK - $133,500 N/A (12 months) December 2008 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 year) TBD N/A - ----------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Malaysia PETROFAC FIRM WORK - $82,000 $29,000/34,000 The rig will batch drill (MALAYSIA - (7 wells) (4 wells) the seven wells; which PM304), LTD. October 2006 $87,000 could result in the ("PETROFAC") (3 wells) $82,000 and $87,000 dayrate occurring in the same month. - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization CHEVRON FIRM WORK - $89,775 (95% of N/A to Thailand OVERSEAS October 2006 operating rate) PETROLEUM (Mobilization is ("CNEVRON") expected to take three days.) - ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $94,500 N/A (8 months) June 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $154,000 N/A (2 years) June 2009 - ----------------------------------------------------------------------------------------------------------------------------------- Thailand N/A N/A N/A N/A The rig could be off dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ------------------------------------------------------------------------------------------------------------------------------------ -6- SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $51,322 (75% of $4,000/5,000 (Average The rig's operating Guinea EQUATORIAL September 2006 operating rate) operating costs for costs in Equatorial GUINEA INC. (Rig-up is expected the three months and Guinea are expected ("HESS") to be completed at month ended July 31, to be $45,000 to the end of September.) 2006 are low due to $50,000 per day; rig's upgrade and however, costs could relocation to be higher during the Equatorial Guinea.) inital start-up period. Fees received during the mobilization period are expected to cover mobilization costs. (The $5.5 million of fees received during and prior to the mobilization period along with all mobilization costs will be amortized over the firm two year period of the contract; which is expected to increase per day revenues and costs by approximately $7,500.) - ---------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS FIRM WORK - $68,430 N/A Contract provides for Guinea (2 years) dayrate increases September 2008 based upon certain cost escalations beginning with the second year of the contract. - ---------------------------------------------------------------------------------------------------------------------------------- - - Equatorial HESS OPTIONS - $68,430 N/A Dayrate subject to Guinea (2 years) increase due to September 2010 contract cost (if all four escalations. six-month options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf of HELIS OIL FIRM WORK - $80,000 $28,000/29,000 Mexico & GAS ("HELIS") (6 wells remaining including the current well) July 2007 -7- - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of HELIS OPTIONS - TBD N/A Mexico October/November 2007 (one option for four additional wells) - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of N/A N/A N/A N/A The rig could be off Mexico dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- MANAGEMENT CONTRACT - ----------------------------------------------------------------------------------------------------------------------------------- NORTH N/A Australia WOODSIDE FIRM WORK - Daily margin of $5,000 The management contract RANKIN November 2006 to $7,000 could terminate upon 'A' completion of the current drilling program for the NORTH RANKIN 'A' platform. This work is expected to be completed in November 2006. - ---- ----------------------- ----------------------- ------------------------ ----------------------- -----------------------------
NOTE - EXPECTED TAX RATE 1) An effective tax rate of 12% to 14% is expected for the fourth quarter of fiscal year 2006, with an effective tax rate of 4% to 6% expected for fiscal year 2006. The effective tax rate for fiscal year 2007 is expected to be 20% to 25%. Virtually all of the Company's tax provision for fiscal year 2006 and expected tax provision for fiscal year 2007 relates to taxes in foreign jurisdictions. Working in foreign jurisdictions with nontaxable or deemed profit tax systems contribute to the effective tax rate being significantly less than the United States statutory rate. 2) Other Drilling Costs in Addition to the Above Rig Costs - PER DAY FOR THREE MONTHS ENDED JULY 2006 $18,000 -----END PRIVACY-ENHANCED MESSAGE-----