-----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, RBz6TumbeSSW+B0nBu+3EK5OMTP7qaH3cdkUudogTWPQ3NEvgqfugpXf7ujmSxJ4 tdsprCrI+J+2z112C3Iibg== 0000008411-07-000087.txt : 20070605 0000008411-07-000087.hdr.sgml : 20070605 20070605172216 ACCESSION NUMBER: 0000008411-07-000087 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070605 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070605 DATE AS OF CHANGE: 20070605 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: 07901929 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 f8kjun62007.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: June 6, 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 June 6, 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 May 8, 2007 are highlighted in yellow on the Company's website. The ATWOOD SOUTHERN CROSS is currently working for Melrose Resources ("Melrose") at a dayrate of $155,000 off the coast of Bulgaria. Melrose has exercised their option to drill two additional wells in addition to adding another well to its program: however, they have elected to defer the drilling of these wells until after the rig completes the drilling of the first three wells of its next contract commitment with Turkiye Petrolleri A.O. ("TPAO"). Upon completing the drilling of the current well for Melrose (estimated late June 2007), the rig will immediately commence drilling the three wells for TPAO at a dayrate of $290,000, which is expected to take until early November 2007 to complete. The rig will then return to complete the deferred Melrose drilling program of two wells at a dayrate of $145,000 (estimated to take until early January 2008 to complete) and the one additional well that has been agreed at $380,000 (estimated to take thirty (30) days to complete). The last TPAO well at a dayrate of $320,000 will then be drilled (also estimated to take thirty (30) days to complete), which should extend the rig's commitments with Melrose and TPAO into March 2008. Following the completion of the drilling programs for Melrose and TPAO, the rig had a one well commitment at a dayrate of $325,000 with Vanco International Ltd., ("Vanco"); however, in accordance with the drilling contract, this commitment has been terminated. The Vanco well in the drilling sequence will now be replaced by the higher rate ($380,000) well added by Melrose. The SEAHAWK continues to work for Amerada Hess Equatorial Guinea, Inc. ("HESS") at a current dayrate (after certain cost escalations) of approximately $71,900 plus approximately $19,000 of amortized per day revenue. During May 2007 the rig was relocated to another Hess drilling site at a moving dayrate which is approximately $15,000 less than its operating dayrate of approximately $71,900. Due to this moving period, we currently expect that revenues for the SEAHAWK for the quarter ending June 30, 2007 will be reduced by approximately $500,000. We previously disclosed that we expected the RICHMOND to incur fourteen (14) to twenty-one (21) zero rate days during the first quarter of fiscal year 2008 for required regulatory inspections and planned maintenance. As we continue to plan for this expected downtime, we currently estimate that the fourteen (14) to twenty-one (21) zero rate days could occur sometime between early September 2007 and late January 2008. 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. -2- ITEM 9.01 EXHIBITS EXHIBIT 99.1 FLEET STATUS REPORT JUNE 6, 2007 -3- 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: June 6, 2007 -4- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at June 6, 2007 -5- EX-99 2 exh991.txt M EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF JUNE 6, 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 ESTIMATED AVERAGE PER RATED ESTIMATED CONTRACT DAY OPERATING ADDITIONAL RIG NAME WATER LOCATION CUSTOMER CONTRACT END DAYRATE COSTS (NOT COMMENTS DEPTH DATE INCLUDING TAX) FOR THE THREE MONTHS ENDED APRIL 30, 2007/MONTH ENDED APRIL 30, 2007 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 3 wells at $98,000/112,000 Wells are subject EAGLE PETROLEUM PTY (6 wells approximately to a change in ("BHPB") remaining $160,000 sequence and a including 2 well at portion of the current approximately dayrate is operation) $170,000 subject to November 2007 1 well at some change due to approximately currency exchange $150,000 rate variance. (expected to be drilled in June/July 2007) - ----------------------------------------------------------------------------------------------------------------------------------- 1 - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - Approximately N/A A portion of the (2 wells) $170,000 dayrate is January 2008 if subject to some the two remaining change due to option wells are currency exchange drilled. rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the EXPLORATION & (1 well) well to take 40 PRODUCTION February/March 2008 to 45 days to DIVISION ("ENI") (assuming that the complete. two above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is ("WOODSIDE") March 2010 subject to some (assuming that the change due to two above option currency exchange wells are drilled) rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia N/A N/A N/A N/A The rig is expected to incur ten to fourteen zero rate days during the first or second quarter of fiscal year 2008 for required regulatory inspections and planned maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- 2 - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD HUNTER 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $70,000/75,000 The rig is Libya April/May 2008 (Mauritania) currently working $245,000 offshore Libya. (Libya) - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. April/May 2009, if exercised at negotiated market rate. (Agreement has to be executed by November 2007) - ----------------------------------------------------------------------------------------------------------------------------------- TBD N/A N/A N/A N/A The rig could incur around five to ten zero rate days during the fourth quarter of fiscal year 2007 for upgrades and planned maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD FALCON 5,000' Malaysia SARAWAK SHELL FIRM WORK - $113,000 $49,000/51,000 (The $24 million Shell BERHAD ("SHELL") July 10, 2007 reimbursement is being 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 - $160,000/ N/A Most of the work (2 years) $200,000 during this July 2009 (dayrate period is depends on expected to be at water depth of the $160,000 each well) dayrate level. - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) - ----------------------------------------------------------------------------------------------------------------------------------- 3 - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Bulgaria MELROSE RESOURCES FIRM WORK - $155,000 $49,000/55,000 SOUTHERN ("MELROSE") Late June 2007 CROSS - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TURKIYE PETROLLERI FIRM WORK - $290,000 N/A A.O. ("TPAO") (3 wells) Early November 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $145,000 N/A (2 wells) Early January 2008 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $380,000 N/A (1 well) February 2008 - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO FIRM WORK - $320,000 N/A (1 well) March 2008 - ----------------------------------------------------------------------------------------------------------------------------------- TBD N/A N/A N/A N/A The rig could incur five to ten zero rate days during the fourth quarter of fiscal year 2007 for regulatory inspections. - ----------------------------------------------------------------------------------------------------------------------------------- 4 - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD BEACON 400' India GUJARAT STATE FIRM WORK - $113,000 $38,000/37,000 PETROLEUM January 2008 CORPORATION LTD ("GSPC") - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $133,500 N/A (12 months) January 2009 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 TBD N/A year) - ----------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Thailand CHEVRON OVERSEAS FIRM WORK - $94,500 $32,000/33,000 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 is expected to incur ten to fourteen zero rate days during the last quarter of fiscal year 2007 for required regulatory inspections. - ----------------------------------------------------------------------------------------------------------------------------------- 5 - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $71,900 $79,000/79,000 Contract Guinea EQUATORIAL September 2008 (plus provides for GUINEA, INC. approximately dayrate ("HESS") $19,000 of increases based amortized per upon certain day revenue.) cost escalations as well as an approximately $15,000 per day reduction during periods when the rig is being relocated to a new drilling site. - ----------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $71,900 N/A Dayrate subject Guinea (2 years) to increase due September to contract cost 2010 escalations. (if all four six-month options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf of HELIS OIL & GAS FIRM WORK - $80,000 $37,000/36,000 Mexico ("HELIS") October 2007 - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf of N/A N/A N/A N/A The rig could Mexico incur fourteen to twenty-one rate days during the fourth quarter of fiscal year 2007 or the first or second quarter of fiscal year 2008 for required regulatory inspections and planned maintenance. - -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) The effective tax rate for fiscal year 2007 is now expected to be around 15%. 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 APRIL 2007 $17,000 6 -----END PRIVACY-ENHANCED MESSAGE-----