-----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, EHRsf99JmjPXtLYWOPsUALWx4ZQZsxU/2J/u1WPENzU74fzzOBibYO/FVYXH5zRO dyTe8r//KBvy9fLDDqAtOA== 0000008411-07-000093.txt : 20070702 0000008411-07-000093.hdr.sgml : 20070702 20070702114155 ACCESSION NUMBER: 0000008411-07-000093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070702 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070702 DATE AS OF CHANGE: 20070702 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: 07953629 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 f8kjuly2.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: July 2, 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 July 2, 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 June 6, 2007 are highlighted in yellow on the Company's website. During May and June 2007, the SEAHAWK was relocated to another Amerada Hess Equatorial Guinea, Inc. drilling site at a moving dayrate which was approximately $15,000 less than its operating dayrate of approximately $71,900. Due to this moving period, revenues for the SEAHAWK for the quarter ending June 30, 2007 was reduced by approximately $500,000 which, with some fleet zero rate days incurred in the quarter reducing revenues also by another approximately $500,000, will have a combined negative impact on earnings per share of approximately $0.03 for the quarter. The ATWOOD SOUTHERN CROSS commenced working at the end of June 2007 under its four (4) firm well commitment with Turkiye Petrolleri A. O. at a dayrate of $290,000 for the first three (3) wells and $320,000 for the last well. The VICKSBURG commenced working on June 20, 2007 under its two-year commitment with Chevron Offshore (Thailand) Ltd. at an operating dayrate of $154,000. Due to the ATWOOD EAGLE continuing to carry extra personnel for training and development purposes and incurring some additional repairs and maintenance costs, we now expect its average operating costs for the quarter ended June 30, 2007 to be between $105,000 and $110,000 compared to our guidance of between $95,000 and $105,000. The ATWOOD HUNTER'S average operating costs for the quarter ended June 30, 2007 are now expected to be between $75,000 and $80,000 compared to guidance of $65,000 to $75,000. Average operating costs for the ATWOOD FALCON, ATWOOD SOUTHERN CROSS, ATWOOD BEACON, VICKSBURG, SEAHAWK and RICHMOND are all expected to be within guidance. 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. -1- ITEM 9.01 EXHIBITS EXHIBIT 99.1 FLEET STATUS REPORT JULY 2, 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: July 2, 2007 -4- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at July 2, 2007 -5- EX-99 2 exh991.txt M EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF JULY 2, 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 PER DAY RIG RATED ESTIMATED ESTIMATED OPERATING COSTS ADDITIONAL NAME WATER LOCATION CUSTOMER CONTRACT CONTRACT (NOT INCLUDING COMMENTS DEPTH END DATE DAYRATE TAX) FOR THE THREE MONTHS ENDED MAY 31, 2007/MONTH ENDED MAY 31, 2007 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 1 well at $102,000/$109,000 Wells are EAGLE PETROLEUM PTY (5 wells approximately subject to a ("BHPB") remaining $150,000 change in including (currently being sequence and a current drilled) portion of the operation) 3 wells at dayrate is November 2007 approximately subject to $160,000 some change 1 well at due to approximately currency $170,000 exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- -1- - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - Approximately N/A A portion of the (2 wells) $170,000 dayrate is subject January 2008 if to some change due the two remaining to currency option wells are exchange rate drilled. variance. - ---------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well EXPLORATION & (1 well) to take 40 to 45 PRODUCTION February/March 2008 days to complete. DIVISION ("ENI") (assuming that the two above option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the ENERGY LTD (2 years) dayrate is subject ("WOODSIDE") March 2010 to some change due (assuming that the to currency two above option exchange rate wells are drilled) 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 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $71,000/$71,000 The rig is HUNTER Libya April/May 2008 (Mauritania) currently working $245,000 (Libya) offshore 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 5,000' Malaysia SARAWAK SHELL FIRM WORK - $113,000 $52,000/$52,000 (The $24 million FALCON BERHAD ("SHELL") July 10, 2007 Shell 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' Turkey TURKIYE FIRM WORK 3 wells at $51,000/$55,000 There is a SOUTHERN PETROLLERI A.O. (4 wells) $290,000 possibility that CROSS ("TPAO") Early December 1 well at one well could 2007 $320,000 be deferred until after the Melrose drilling program. - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $145,000 N/A (2 wells) Early February 2008 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $380,000 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 or possibly first quarter of fiscal year 2008 for regulatory inspections. - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' India GUJARAT STATE FIRM WORK - $113,000 $38,000/$38,000 BEACON 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) - ----------------------------------------------------------------------------------------------------------------------------------- -4- - ----------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Thailand CHEVRON OVERSEAS FIRM WORK - $154,000 $35,000/$38,000 PETROLEUM (2 years) ("CHEVRON") 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. - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $71,900 $79,000/$72,000 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 $38,000/$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 zero 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 MAY 2007 $ 16,000 -----END PRIVACY-ENHANCED MESSAGE-----