-----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, CaIN3Bn0n2W9CEuO2mLwXuQwHSanBNRzGLOmPmK+6EjMN7Af50W6mGNWvDMAPQuZ xx11g7Q8RahCUbFresqFQw== 0000008411-06-000131.txt : 20061207 0000008411-06-000131.hdr.sgml : 20061207 20061207171905 ACCESSION NUMBER: 0000008411-06-000131 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20061207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061207 DATE AS OF CHANGE: 20061207 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: 061263444 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 f8kdec72006.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: December 7, 2006 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) TEXAS (State or other jurisdiction of incorporation or organization) 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 December 7, 2006, the Company announced its earnings for the Fiscal Year 2006 Fourth Quarter ended September 30, 2006. 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 and year ended September 30, 2006 and 2005 and an analysis of revenues and contract drilling costs for the three months and year ended September 30, 2006 and 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 Fleet Status Report at December 7, 2006 is attached hereto as Exhibit 99.4. 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 DECEMBER 7, 2006 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2006 AND 2005 EXHIBIT 99.3 ANALYSIS OF REVENUES AND CONTRACT DRILLING COSTS FOR THE THREE MONTHS AND YEAR ENDED SEPTEMBER 30, 2006 EXHIBIT 99.4 FLEET STATUS REPORT AT DECEMBER 7, 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: December 7, 2006 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press Release dated December 7, 2006 99.2 Consolidated Statements of Operations for the Three Months and Year ended September 30, 2006 and 2005 99.3 Analysis of Revenues and Drilling Costs for the Three Months and Year ended September 30, 2006 99.4 Fleet Status Report at December 7, 2006 -4- EX-99 2 exhibit991.txt EXHIBIT 99.1 Houston, Texas 7 December 2006 FOR IMMEDIATE RELEASE ATWOOD OCEANICS, INC., Houston-based International Drilling Contractor, announced today that the Company earned net income of $23,179,000 or $.74 per diluted share, on revenues of $81,817,000 for the quarter ended September 30, 2006, compared to net income of $6,661,000 or $.21 per diluted share, on revenues of $46,124,000 for the quarter ended September 30, 2005. For the year ended September 30, 2006, the Company earned net income of $86,122,000 or $2.74 per diluted share, on revenues of $276,625,000 compared to net income of $26,011,000 or $.83 per diluted share, on revenues of $176,156,000 for the year ended September 30, 2005. FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 2005 ---------------- ------------------ Revenues $ 81,817,000 $ 46,124,000 Income before Income Taxes 27,885,000 5,432,000 (Provision) Benefit for Income Taxes (4,706,000) 1,229,000 Net Income 23,179,000 6,661,000 Earnings per Common Share - Basic 0.75 0.22 Diluted 0.74 0.21 Weighted Average Shares Outstanding - Basic 31,044,000 30,584,000 Diluted 31,534,000 31,452,000 FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2006 2005 ---------------- ------------------ Revenues $ 276,625,000 $ 176,156,000 Income before Income Taxes 91,836,000 25,608,000 (Provision) Benefit for Income Taxes (5,714,000) 403,000 Net Income 86,122,000 26,011,000 Earnings per Common Share - Basic 2.78 0.86 Diluted 2.74 0.83 Weighted Average Shares Outstanding - Basic 30,936,000 30,412,000 Diluted 31,442,000 31,220,000 Contact: Jim Holland (281) 749-7804 EX-99 3 exhibit992.txt EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended Twelve Months Ended September 30, September 30, -------------------------- -------------------------- 2006 2005 2006 2005 (Unaudited) (Unaudited) REVENUES: Contract drilling $ 81,817 $ 46,124 $276,625 $168,500 Business interruption proceeds - - - 7,656 -------- -------- -------- -------- 81,817 46,124 276,625 176,156 -------- -------- -------- -------- COSTS AND EXPENSES: Contract drilling 41,190 28,182 144,366 102,849 Depreciation 7,612 6,806 26,401 26,735 General and administrative 5,202 4,431 20,630 14,245 Gain on sale of equipment (198) - (10,548) - -------- -------- -------- -------- 53,806 39,419 180,849 143,829 -------- -------- -------- -------- OPERATING INCOME 28,011 6,705 95,776 32,327 -------- -------- -------- -------- OTHER INCOME (EXPENSE) Interest expense (1,628) (1,694) (6,797) (7,352) Capitalized interest 1,104 - 1,631 - Interest income 398 421 1,226 633 -------- -------- -------- -------- (126) (1,273) (3,940) (6,719) -------- -------- -------- -------- INCOME BEFORE INCOME TAXES 27,885 5,432 91,836 25,608 PROVISION (BENEFIT) FOR INCOME TAXES 4,706 (1,229) 5,714 (403) -------- -------- -------- -------- NET INCOME $23,179 $6,661 $86,122 $26,011 ======== ======== ======== ======== EARNINGS PER COMMON SHARE: Basic $0.75 $0.22 $2.78 $0.86 Diluted 0.74 0.21 2.74 0.83 AVERAGE COMMON SHARES OUTSTANDING: Basic 31,044 30,584 30,936 30,412 Diluted 31,534 31,452 31,442 31,220
EX-99 4 exhibit993.txt EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF REVENUES AND DRILLING COSTS (Unaudited) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 DRILLING REVENUES COSTS ------------ ------------ (In Millions) ATWOOD HUNTER $ 19.4 $ 5.9 ATWOOD EAGLE 13.7 7.8 ATWOOD BEACON 10.7 2.7 ATWOOD FALCON 8.4 5.1 VICKSBURG 7.6 3.3 RICHMOND 7.4 3.0 ATWOOD SOUTHERN CROSS 6.6 4.0 AUSTRALIA MANAGEMENT CONTRACTS 4.0 3.5 SEAHAWK 4.0 4.0 OTHER - 1.9 ------ ----- 81.8 41.2 ====== ===== FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2006 DRILLING REVENUES COSTS --------------- ------------- (In Millions) ATWOOD EAGLE $ 47.0 $ 26.8 ATWOOD FALCON 30.1 16.5 ATWOOD BEACON 32.1 10.4 VICKSBURG 30.0 11.9 ATWOOD HUNTER 62.8 18.8 SEAHAWK 11.6 8.4 RICHMOND 20.2 10.4 ATWOOD SOUTHERN CROSS 29.9 24.2 AUSTRALIA MANAGEMENT CONTRACTS 12.9 10.8 OTHER - 6.2 ----- ------ 276.6 144.4 ====== ====== EX-99 5 exhibit994.txt EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF DECEMBER 7, 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 ESTIMATED ESTIMATED OPERATING COSTS (NOT RATED CONTRACT CONTRACT INCLUDING TAX) FOR ADDITIONAL RIG WATER LOCATION CUSTOMER END DATE DAYRATE THE THREE MONTHS COMMENTS NAME DEPTH ENDED SEPTEMBER 30, 2006/MONTH OF SEPTEMBER 30, 2006 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 8 wells at $158,000 $85,000/73,000 Wells are subject to a EAGLE PETROLEUM PTY (10 wells) 1 well at $168,000 change in sequence and ("BHPB") August 2007 1 well at $150,000 a portion of the dayrate is subject to some change due to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well to EXPLORATION & (1 well) take 40 to 45 days to PRODUCTION December 2007 complete. DIVISION (assuming that all ("ENI") of the above option wells are drilled) 1 - ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the dayrate ENERGY LTD (2 years) is subject to some change December 2009 due to currency exchange (assuming that all of rate variance. the above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- 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 are HUNTER Libya April/May 2008 (Mauritania) (Operating costs expected to be $245,000 (Libya) were higher than be $55,000 to $60,000 (The rig incurred normal for the per day while working in two (2) days of three months ended Mauritania/Libya; zero rate in September 30, 2006 however, costs could be October 2006 due due to higher higher duing any to an equipment costs incurred location period. repair issue.) during the period that the rig was relocated from Egypt to Mauritania.) - ----------------------------------------------------------------------------------------------------------------------------------- Mauritania N/A N/A N/A N/A The rig is expected to be off dayrate for ten to fourteen days during December 2006 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. 2 - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Malaysia SARAWAK SHELL FIRM WORK - $93,200 $56,000/$85,000 (The $24 million Shell FALCON BERHAD (2 wells) (The rig incurred (Due to expensing reimbursement is being ("SHELL") January 2007 four (4) days of certain costs amortized as revenues zero rate at the incurred in the over the remaining firm end of its shipyard shipyard, operating contract commitment period due to costs were high for following the upgrade weather related the month and three (32 months)which will days and another (3) months ended increase dayrate three (3) days of September 30, 2006. revenues by zero rate after Also, due to approximately $24,000.) leaving the expensing certain shipyard due to costs incurred during final testing the shipyard period and commissioning subsequent to of new equipment.) September 30, 2006, 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 - $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) - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Turkey TOREADOR FIRM WORK - $125,000 $44,000/$49,000 TOREADOR will drill its SOUTHERN TURKEY (3 wells) (The rig incurred (During the rig's last well after the CROSS LIMITED February 2007 two (2) days of relocation to the MELROSE program is ("TOREADOR") zero rate in Black Sea in completed. The dayrate November due to October 2006, for the last well will an equipment operating costs be $135,000. repair issue.) were expected to average around $60,000 per day. Some of this excess costs were offset by receipt of a $300,000 mobilization fee.) 3 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE RESOURCES FIRM WORK - $125,000 N/A ("MELROSE") (3 wells) May 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE OPTIONS - $125,000 N/A (2 wells) July 2007 (if both option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TURKIYE P 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 their (3 wells) options, the well January 2008 sequence for TPAO (assuming option wells and MELROSE VANCO wells could option wells drilled change. and TPAO exercises options to drill all three option wells) - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO FIRM WORK - $305,000 N/A See above INTERNATIONAL LTD. (1 well) ("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) 4 - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' Mobilization GUJARAT STATE FIRM WORK - $110,000 $29,000/$28,000 BEACON to India PETROLEUM December 2006 CORPORATION LTD (Mobilization is ("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") - ----------------------------------------------------------------------------------------------------------------------------------- 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. 5 SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $68,430 Average per day Contract provides for Guinea EQUATORIAL GUINEA, (2 years) (plus approximately operating costs dayrate increases INC. ("HESS") September 2008 $19,000 of amortized during September based upon certain per day revenue.) 2006 were $72,000. cost escalations (Operating costs beginning with the were high in second year of the September due to contract. the start of drilling operations. Ongoing normal operating 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 $16,000 of amortized daily costs which will be more than offset by approximately $19,000 of amortized daily revenue.) - ----------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $68,430 N/A Dayrate subject to Guinea (2 years) incrase due to September 2010 contract cost (if all four escalations. six-month options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf of HELIS OIL & GAS FIRM WORK - $80,000 $33,000/40,000 Mexico ("HELIS") (4 wells remaining, including current well) May/June 2007 - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of HELIS OPTIONS - TBD N/A Mexico September/October 2007 (one option for four additional wells) 6 - ----------------------------------------------------------------------------------------------------------------------------------- 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 The management contract RANKIN 'A' May 2007 around $5,000 contract could terminate in May 2007. - ----------------------------------------------------------------------------------------------------------------------------------- NOTE - EXPECTED TAX RATE 1) The 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 now expected to be 15% to 20%. 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 $21,000
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