EX-99 2 exh99-1.htm

EXHIBIT 99.1

ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT
AS OF OCTOBER 31, 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


 
 
RIG NAME

RATED WATER DEPTH

LOCATION

CUSTOMER

ESTIMATED CONTRACT END DATE

ESTIMATED
CONTRACT DAYRATE

UNAUDITED AVERAGE PER DAY OPERATING COSTS (NOT INCLUDING TAX) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2007 /MONTH ENDED SEPTEMBER 30, 2007 ONLY

ADDITIONAL COMMENTS

SEMISUBMERSIBLES:

ATWOOD
EAGLE

5000’

Australia

BHP BILLITON PETROLEUM PTY (“BHPB”)

FIRM WORK –

(4 wells)

April 2008

1 wells at approximately $160,000

3 well s at approximately $170,000

$ 96,000/$9 3 ,000

Wells are subject to a change in sequence and a portion of the dayrate is subject to some change due to currency exchange rate variance.
 

 

Australia

ENI Spa AGIP EXPLORATION & PRODUCTION DIVISION (“ENI”)
 

FIRM WORK –

(1 well)

May 2008

$360,000

N/A

We expect the well to take 40 to 45 days to complete.
   

Australia

WOODSIDE
ENERGY LTD
(“WOODSIDE”)

FIRM WORK –

(2 years)

May 2010

$405,000

N/A

A portion of the dayrate is subject to some change due to currency exchange rate variance.
   

Australia

N/A

N/A

N/A

N/A

The rig is expected to incur around fifteen (15) zero rate days during the first quarter of fiscal year 2008 for required regulatory inspections and planned maintenance.

ATWOOD HUNTER

5,000’

Egypt

BURULLUS GAS CO. (“BURULLUS”)

FIRM WORK –

November 2007

$320,000

$ 67,000/$ 72 ,000

  
   

Mauritania

WOODSIDE (Reinstatement of suspended contract)

 

FIRM WORK

July 2008

$240,000

    
   

TBD

WOODSIDE

OPTIONS –
Two (2) six-month options.

August 2009 , if exercised at negotiated market rate. (Agreement has to be executed by December 2007)

 

TBD

N/A

  

 

TBD

N/A

N/A

N/A

N/A

The rig could also incur fifteen (15) to twenty (20) zero rate days depending upon the rig’ s drilling schedule in the fourth quarter of fiscal year 2008 for certain equipment upgrades. The rig could incur ten (10) zero rate days in the fourth quarter of fiscal year 2009 for regulatory inspections.
 
 
 

ATWOOD FALCON

5,000’

Malaysia

SARAWAK SHELL BERHAD (“SHELL”)

Currently working for Petronas Carigali Sdn. Bhd. under an assignment from Shell. Immediately upon completion of the Petronas work (estimated December 2007), the rig will return to work for Shell.

 

FIRM WORK –

July 2009

$160,000/
$200,000 (dayrate depends on water depth of each well)
plus approximately $24,000 of amortized per day revenue

$6 0,000/$ 56 ,000

Most of the work during this period is expected to be at the $160,000 dayrate level. (The rig could incur 5 to 10 zero rate days during the fourth quarter of fiscal year 2008 or first quarter of fiscal year 2009 due to required regulatory inspections.)
   

Malaysia

SHELL

OPTION –
(1 year)

TBD

N/A

  

ATWOOD SOUTHERN CROSS

2,000’

Turkey

TURKIYE PETROLLERI A.O. (“TPAO”)

 

FIRM WORK –

November 2007

$290,000

$ 63,000/$74, 000

  

 

Bulgaria

MELROSE
RESOURCES (“MELROSE”)

 

FIRM WORK –

December 2007

$145,000

N/A

  
   

Bulgaria

MELROSE

FIRM WORK –

December 2007

 

$380,000

N/A

  
   

Mobilized out of Black Sea (estimated to take 15 to 20 days)

MELROSE

FIRM WORK –

December 2007/January 2008

$100,000

    
   

TBD

TPAO

FIRM WORK –

January/ February 2008

$320,000

N/A

  
   

TBD

N/A

N/A

N/A

N/A

The rig could incur four to ten zero rate days during the second quarter of fiscal year 2008 for some maintenance work.

CANTILEVER JACK-UPS:

ATWOOD BEACON

400’

India

GUJARAT STATE PETROLEUM CORPORATION LTD (“GSPC”)

FIRM WORK –

January 2008

$113,000

$4 5,000/$ 50 ,000

  
   

India

GSPC

FIRM WORK –

(12 months)

January 2009

$133,500

N/A

The rig could incur three (3) zero rate days during the second quarter of fiscal year 2008 for required inspections.

 
   

India

GSPC

OPTIONS – (1 year)

TBD

N/A

  
               

VICKSBURG

300’

Thailand

CHEVRON OVERSEAS PETROLEUM (“CHEVRON”)
 

FIRM WORK –

(2 years)
June 2009
 

$154,000

$42,000/$4 3 ,000

  


 

Thailand

N/A

N/A

N/A

N/A

The rig incurred two (2) zero rate days in July 2007 for required regulatory inspections and one (1) zero rate day in August relating to equipment issues.

 

SEMISUBMERSIBLE TENDER ASSIST UNIT:

SEAHAWK

1,800’

Equatorial Guinea

AMERADA HESS EQUATORIAL GUINEA, INC. (“HESS”)

FIRM WORK –

September 2008

$7 6 , 0 00

(plus approximately $ 19 ,000 of amortized per day revenue.)

$ 78,000/$ 8 5,000

Contract provides for dayrate increases based upon certain 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. Thus far, in the first quarter of fiscal year 200 8, the rig has incurred fifteen (15) zero rate days due to equipment related issues.

 
   

Equatorial Guinea

HESS

OPTIONS –

(2 years)
September 2010
(if all four six-month options are exercised)

$76,000

N/A

Dayrate subject to increase due to contract cost escalations.

SUBMERSIBLE :

          

RICHMOND

70’

US Gulf of Mexico

HELIS OIL & GAS

FIRM WORK –

December 2007

$80,000

$36,000/$41,000

The rig is currently in a shipyard undergoing an approximate $14 million of life enhancing upgrades, which currently is expected to take around seventy (70) days to complete . The depreciable life of the rig will be extended seven years from January 1, 2008. Work for the rig following the upgrade is currently being pursued.



NOTE – EXPECTED TAX RATE

1)      The effective tax rate for fiscal year 2007 is now expected to be around 14%. 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 THE THREE MONTHS SEPTEMBER 2007           $ 17, 000