-----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, Jbvz+QThk/hcvHEBn6XkoYHbZTYD5nOIZaCGUG5VfNS9ZfjKax73arPBLUpX7NnH XJzDTJPaKGQ0igjV99siXw== 0000008411-06-000125.txt : 20061109 0000008411-06-000125.hdr.sgml : 20061109 20061109160041 ACCESSION NUMBER: 0000008411-06-000125 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061109 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061109 DATE AS OF CHANGE: 20061109 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: 061202151 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 f8knov092006.txt - ------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION CityplaceWASHINGTON, StateD.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: NOVEMBER 9, 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 November 9, 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 November 9, 2006 are highlighted in yellow on the Company's website. The ATWOOD FALCON completed its shipyard project within its expected budgeted total cost of approximately $32 million. As a result of expensing a portion of these costs in September 2006, operating costs for the ATWOOD FALCON during the quarter and month ended September 30, 2006 were higher than normal at $56,000 and $85,000, respectively. We expect to expense another $5 million of shipyard related costs during the first quarter of fiscal year 2007 which is expected to result in the ATWOOD FALCON's total operating costs for the quarter ending December 31, 2006 to be between $8 million and $9 million. Due primarily to weather related delays, the rig incurred four (4) days of zero rate at the end of the shipyard period. The rig is currently preparing to recommence drilling operations. The ATWOOD BEACON is currently in placecountry-regionSingapore having its last leg sections reattached. This process is now expected to take until the end of November 2006 to complete, with a loss of hire insurance coverage of $70,000 per day to be receiving during this period. Following the reattachment of the leg sections, the rig will be moved to placecountry-regionIndia to commence its twenty-five (25) month contract commitment with Gujarat State Petroleum Corporation Ltd. The CityVICKSBURG has commenced its two (2) year and eight (8) month contract commitment with Chevron in placecountry-regionThailand. 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 NOVEMBER 9, 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: November 9, 2006 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at November 9, 2006 -4- EX-99 2 exhibit991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF NOVEMBER 9, 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 - ----------------------------------------------------------------------------------------------------------------------------------- UNAUDITED AVERAGE PER DAY ESTIMATED ESTIMATED OPERATING COSTS (NOT RATED CONTRACT CONTRACT INCLUDING TAX) FOR THE ADDITIONAL RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE THREE MONTHS ENDED COMMENTS DEPTH SEPTEMBER 30, 2006/MONTH OF SEPTEMBER 30, 2006 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 8 wells at $85,000/73,000 Wells are subject EAGLE PETROLEUM PTY (10 wells) $158,000 to a change in ("BHPB") August 2007 1 well at sequence and a $168,000 portion of the 1 well at dayrate is subject $150,000 to some change due to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A A portion of the (3 wells) dayrate is subject November 2007 (if to some change due all three option to currency wells are drilled) exchange rate variance. -1- - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well EXPLORATION & (1 well) to take 40 to 45 PRODUCTION December 2007 days to complete. DIVISION ("ENI") (assuming that all of the above option wells are drilled) ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is subject December 2009 to some change (assuming that all due to currency of the above option exchange rate wells are drilled) variance. - ----------------------------------------------------------------------------------------------------------------------------------- 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 $64,000/57,000 Operating costs HUNTER Libya April 2008 (Mauritania) (Operating costs were are expected to be $245,000 (Libya) higher than normal for $50,000 to $55,000 (The rig the three months per day while incurred two (2) ended September 30, working in days of zero 2006 due to higher Mauritania/Libya; rate in October costs incurred during however, costs 2006 due to an the period that the could be higher equipment repair rig was relocated from during any issue.) Egypt to Mauritania.) relocation period. - ----------------------------------------------------------------------------------------------------------------------------------- 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. -2- - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000 Malaysia SARAWAK SHELL FIRM WORK - $90,000 $56,000/85,000 The rig is FALCON (Preparing BERHAD ("SHELL") November 2006 (Due to weather (Operating costs currently to recommence related delays, were higher for the undergoing an $32 drilling the rig incurred month and three million shipyard operations.) four (4) days of months ended project with Shell zero rate at the September 30, 2006 paying $24 million end of the due to expensing of the costs.(Due shipyard period.) certain costs to expensing incurred in the certain costs shipyard.) incurred during the shipyard period, we now expect operating costs for the ATWOOD FALCON in the first quarter of fiscal year 2007 to be between $8 million and $9 million.) - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $93,200 N/A The rig should (2 wells) drill two wells at January 2007 $93,200 following the upgrade. (The $24 million Shell reimbursement will be amortized as revenues over the remaining firm contract commitment following the upgrade (32 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 (2 years) $200,000 during this period July 2009 (dayrate depends is expected to be on water depth at the $160,000 of each well) dayrate level. -3- - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Turkey TOREADOR FIRM WORK - $125,000 $44,000/$49,000 TOREADOR will SOUTHERN TURKEY (3 wells) (During the rig's drill its last CROSS LIMITED February 2007 relocation to the well after the ("TOREADOR") Black Sea in October MELROSE program is 2006, operating costs completed. were expected to The dayrate for average around the last well will $60,000 per day. be $135,000. Some of this excess costs were offset by receipt of a $300,000 mobilization fee.) - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $125,000 N/A RESOURCES (3 wells) ("MELROSE") 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 PETROLLERI A.O. (3 wells) ("TPAO") October 2007 (assuming above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO OPTIONS - $320,000 N/A If TPAO exercises (3 wells) their options, the January 2008 well sequence for (assuming MELROSE TPAO option wells option wells and VANCO wells drilled and TPAO could change. exercises options to drill all three option wells) -4- - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO FIRM WORK - $305,000 N/A See above INTERNATIONAL (1 well) LTD. ("VANCO") March 2008 (assuming MELROSE and TPAO options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- 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' Singapore N/A November 2006 $70,000 $29,000/$28,000 Loss of hire BEACON insurance coverage (includes dayrate and cost of tow boat during the Singapore period in which the rig's last leg sections will be reattached. - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization GUJARAT STATE FIRM WORK - $110,000 N/A to India PETROLEUM December 2006 CORPORATION (Mobilization is LTD ("GSPC") expected to take 17 days.) - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $113,000 N/A (13 months) January 2008 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $133,500 N/A (12 months) January 2009 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 year) TBD N/A - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Thailand CHEVRON FIRM WORK - $94,500 $36,000/$40,000 OVERSEAS (8 months) PETROLEUM June 2007 ("CHEVRON") - ----------------------------------------------------------------------------------------------------------------------------------- -5- - ----------------------------------------------------------------------------------------------------------------------------------- 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. - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $68,430 Average per day (Contract provides Guinea EQUATORIAL (2 years) (plus operating costs for dayrate GUINEA, INC. September 2008 approximately during September increases based ("HESS") $20,000 of 2006 were $72,000. upon certain cost amortized per (Operating costs escalations day revenue.) were high in beginning with September due to the teh second year of start of drilling the contract.) operations. Ongoing normal operatings costs are expected to be around $45,000 per day. In addition to the expected daily operating costs of $45,000, there will be another $17,000 of amortized daily costs which will be more than offset by approximately $20,000 of amoritzed revenue.) - ----------------------------------------------------------------------------------------------------------------------------------- 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) - ----------------------------------------------------------------------------------------------------------------------------------- -6- SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf HELIS OIL & GAS FIRM WORK - $80,000 $33,000/40,000 of Mexico ("HELIS") (5 wells remaining, including current well) May/June 2007 - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf HELIS OPTIONS - TBD N/A of Mexico September/October 2007 (one option for four additional wells) - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf o N/A N/A N/A N/A The rig could be of Mexico off 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 The management RANKIN 'A' November/ $5,000 to $7,000 contract could December 2006 terminate upon completion of the current drilling program for the NORTH RANKIN `A' platform. This work is expected to be completed in December 2006. - -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The unaudited effective tax rate for the fourth quarter of fiscal year 2006 was 17%, with an effective tax rate of 6% 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 SEPTEMBER 2006 $12,000 -7- -----END PRIVACY-ENHANCED MESSAGE-----