-----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, UgmERDCFtrWcCFL7kBKuGLyHq0UrVe/I4Rt7/RvLYEeAicXGmVk1+QhSV44O8b2h pRRYbc3Q8tLl2kFRlxAoXA== 0000008411-07-000003.txt : 20070105 0000008411-07-000003.hdr.sgml : 20070105 20070105143433 ACCESSION NUMBER: 0000008411-07-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070105 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070105 DATE AS OF CHANGE: 20070105 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: 07513246 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 f8kjan52007.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: JANUARY 5, 2007 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 January 5, 2007 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 December 7, 2006 are highlighted in yellow on the Company's website. As noted in the attached Fleet Status Report, the ATWOOD HUNTER incurred fourteen (14) days of zero rate time in December 2006 relating to required regulatory inspections and maintenance. The ATWOOD BEACON completed its mobilization to India at the end of December and has commenced drilling operations under its twenty-five (25) month contract commitment. 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, 2006, filed with the Securities and Exchange Commission. ITEM 9.01 EXHIBITS EXHIBIT 99.1 FLEET STATUS REPORT JANUARY 5, 2007 -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 5, 2007 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at January 5, 2007 -4- EX-99 2 exh991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF JANUARY 5, 2007 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, 2006, 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 RATED ESTIMATED ESTIMATED PER DAY OPERATING RIG WATER CONTRACT CONTRACT COSTS (NOT INCLUDING ADDITIONAL NAME DEPTH LOCATION CUSTOMER END DATE DAYRATE TAX)FOR THE THREE COMMENTS MONTHS ENDED OCTOBER 31, 2006/ MONTH ENDED OCTOBER 31, 2006 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 6 wells at $158,000 $82,000/84,000 Wells are subject to a EAGLE PETROLEUM PTY (8 wells remaining 1 well at $168,000 change in sequence and ("BHPB") including current 1 well at $150,000 a portion of the dayrate operation) is subject to some October 2007 change due to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A A portion of the dayrate (3 wells) is subject to some December 2007 change due to currency (if all three exchange rate variance. option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- 1 - ----------------------------------------------------------------------------------------------------------------------------------- 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 January 2008 complete. DIVISION (assuming that all of ("ENI") the above option wells are drilled) - ------------------------------------------------------------------------------------------------------------------------------------ Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the dayrate ENERGY LTD (2 years) is subject to some January 2010 change due to currency (assuming that all of exchange 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 (Mauritania)$60,000/59,000 Operating costs are HUNTER Libya April/May 2008 $245,000 (Libya) expected to be $55,000 (The rig incurred two to $60,000 per day while (2) days of zero rate working in in October 2006 due to Mauritania/Libya; an equipment repair however, costs could be issue). higher during any relocation period. - ----------------------------------------------------------------------------------------------------------------------------------- Mauritania N/A N/A N/A N/A The rig was off dayrate for fourteen days during December 2006 for required regulatory inspections and maintenance. - ------------------------------------------------------------------------------------------------------------------------------------ TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. April 2009, if exercised at negotiated market rate. - ----------------------------------------------------------------------------------------------------------------------------------- 2 - ------------------------------------------------------------------------------------------------------------------------------------ ATWOOD 5,000' Malaysia SARAWAK FIRM WORK - $93,200 $97,000/$99,000 (The $24 million Shell FALCON SHELL (2 wells) (The rig incurred (Due to reimbursement is being BERHAD January 2007 four (4) days of expensing amortized as revenues ("SHELL") zero rate at the certain costs over the remaining firm end of its incurred in the contract commitment shipyard period shipyard, operating following the upgrade due to weather costs were high for (32 months) which will related delays and the month and three increase dayrate another three (3) months ended revenues by days of zero October 31, 2006. approximately $24,000.) rate after Also, due to leaving the expensing certain shipyard due costs incurred during to final the shipyard period testing and subsequent to commissioning September 30,2006, of new we now expect operating equipment.) 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 $52,000/$65,000 TOREADOR will drill its SOUTHERN TURKEY (2 wells remaining (The rig incurred (During the rig's last well after the CROSS LIMITED including current two (2) days relocation to the MELROSE program is ("TOREADOR") well) of zero rate Black Sea in completed. The dayrate February 2007 in November October 2006, for the last well due to operating costs will be $135,000. an equipment average around repair issue.) $65,000 per day. 3 P Some of this excess costs were offset by receipt of a $300,000 mobilization fee.) We expect operating costs in the Black Sea to be between $45,000 and $50,000. - ----------------------------------------------------------------------------------------------------------------------------------- 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 (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' India GUJARAT FIRM WORK - $113,000 $30,000/$34,000 BEACON STATE January 2008 PETROLEUM CORPORATION LTD ("GSPC") - ----------------------------------------------------------------------------------------------------------------------------------- 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 $40,000/$45,000 OVERSEAS June 2007 (Operating costs for PETROLEUM the three months and ("CHEVRON") month ended October 31, 2006 have been high due to higher than normal repair and maintenance expenses. We expect operating costs for the near term to be around $35,000 per day.) - ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $154,000 N/A (2 years) June 2009 - ----------------------------------------------------------------------------------------------------------------------------------- 5 - ----------------------------------------------------------------------------------------------------------------------------------- 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 1,900' Equatorial AMERADA HESS FIRM WORK - $68,430 $63,000/$61,000 Contract provides for Guinea EQUATORIAL September 2008 (plus (Ongoing normal dayrate increases based GUINEA, INC. approximately operating costs are upon certain cost ("HESS") $19,000 of expected to be escalations beginning amoritized per around $45,000 per with the second year of day revenue.) day. In addition the contract. 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) 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 $34,000/33,000 Mexico GAS ("HELIS") (4 wells remaining, including current well) May/June 2007 - ----------------------------------------------------------------------------------------------------------------------------------- 6 - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of HELIS OPTIONS - TBD N/A Mexico September/October 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 second 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 May 2007 around $5,000 could terminate in 'A' May 2007. - -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The effective tax rate for fiscal year 2007 is now expected to be 15% to 20%. Virtually all of the Company's 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 OCTOBER 2006 $14,000 -----END PRIVACY-ENHANCED MESSAGE-----